The S&P CoreLogic Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, continues to see year-over-year gains, with a 4.7% boost in April, up from 4.6% in the previous month, according to S&P on Tuesday.
The 10-City Composite remained the same in April as the previous month—an annual increase of 3.4%. The 20-City Composite came in at a 4% year-over-year gain, up from 3.9% in March.
Phoenix, Seattle, and Minneapolis reported the highest year-over-year gains in April among the 19 cities (excluding Detroit). Phoenix saw an 8.8% year-over-year price increase, followed by Seattle with a 7.3% increase and Minneapolis with a 6.4% increase. In addition, 12 of the 19 cities reported home price gains in the year ending April versus the prior month.
The National Index saw a 1.1% month-over-month increase, while the 10-City and 20-City Composites posted increases of 0.7% and 0.9%, respectively, before seasonal adjustment in April. After seasonal adjustment, the National Index posted a 0.5% month-over-month increase and the 10-City and 20-City Composites had 0.3% increases. In April, all 19 cities (excluding Detroit) reported increases before seasonal adjustment, while 16 saw increases after seasonal adjustment.
"April’s housing price data continue to be remarkably stable,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices. “The National Composite Index rose by 4.7% in April 2020, with comparable growth in the 10- and 20-City Composites (up 3.4% and 4%, respectively). In all three cases, April’s year-over-year gains were ahead of March’s, continuing a trend of gently accelerating home prices that began last fall. Results in April continued to be broad-based. Prices rose in each of the 19 cities for which we have reported data, and price increases accelerated in 12 cities.”
According to Lazzara, the only visible impact of COVID-19 on the S&P CoreLogic Case-Shiller Indices has been the availability of transaction records for Michigan’s Wayne County, which is the most populous county in the Detroit metro area, due to delays at the local recording office due to the COVID-19 lockdown.
“The price trend that was in place pre-pandemic seems so far to be undisturbed, at least at the national level. Indeed, prices in 12 of the 20 cities in our survey were at an all-time high in April,” added Lazzara. “Among the cities, Phoenix retains the top spot for the 11th consecutive month, with a gain of 8.8% for April. Home prices in Seattle rose by 7.3%, followed by increases in Minneapolis (6.4%) and Cleveland (6%). Prices were particularly strong in the West and Southeast, and comparatively weak in the Northeast.”
