The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI) covering all nine U.S. census divisions continues to show slower gains in home prices in April.
The S&P CoreLogic Case-Shiller HPI (NSA) reported a 3.5% annual gain in April, down from 3.7% in March. The 10-City Composite annual gain came in at 2.3%, up from 2.2%. The 20-City Composite gained 2.5% year-over-year, down from 2.6%.
|Indicator||Prior||Revised||Consensus Forecast||Forecast Range||Result|
|HPI 20-city, SA – M/M ∆||0.1 %||0.3%||0.2 %||0.0 % to 0.2 %||0.0%|
|HPI 20-city, NSA – M/M ∆||0.7 %||0.5 %||0.2 % to 0.7 %||0.8%|
|HPI 20-city, NSA – Yr/Yr ∆||2.7 %||2.6%||2.6 %||2.2 % to 2.6 %||2.5%|
“Home price gains continued in a trend of broad-based moderation,” says Philip Murphy, Managing Director and Global Head of Index Governance at S&P Dow Jones Indices. “Year-over-year price gains remain positive in most cities, though at diminishing rates of change. Seattle is a notable exception, where the YOY change has decreased from 13.1% in April 2018 to 0.0% in April 2019.”
Las Vegas, Phoenix and Tampa reported the highest year-over-year gains. In April, Las Vegas led with a 7.1% year-over-year price gain, followed closely by Phoenix at 6.0%, and Tampa at 5.6%.
Still, 9 of the 20 cities saw greater price increases in the year ending April 2019 versus the year ending March 2019.
Worth noting, the FHFA House Price Index (HPI) was up 0.4% in April juxtaposed to a 0.1% gain in March, and the year-over-year rose from 5.0% to 5.2%. The two HPIs have typically mirrored each other.