The S&P CoreLogic Case-Shiller index rose 4.7% annually in April, up 0.1% from the month before. The 10-city composite index saw no change at 3.4% annual growth, while the 20-city composite rose 0.1% annually to 4.0%. S&P Dow Jones Indices managing director Craig Lazzara described prices as “remarkably stable,” noting that the price trends in place before the COVID-19 pandemic struck remain relatively undisturbed.
Key Takeaways
- The Case-Shiller index rose 4.7% in the 12 months through April, up from 4.6% in March.
- Housing price data remains relatively unaffected by the coronavirus pandemic according to the latest report.
- Price gains were led by Phoenix, followed by Seattle and Minneapolis.
- Data for Detroit was unavailable due to the impact of coronavirus pandemic on local records.
Phoenix saw the largest home price gains with 8.8% price growth in the 12 months through April. Seattle saw a 7.3% annual increase in price, while Minneapolis saw a 6.4% increase. 12 out of 19 cities saw higher prices during the year. The 10-city and 20-city composite indexes saw 0.7% and 0.9% growth respectively before seasonal adjustment.
Record low mortgage rates have contributed to buyer purchasing power, bolstering market prices. Existing home sales, however, fell to the slowest pace in ten years in April, due to lockdown procedures interfering with open house events. However, sales have rebounded with the largest monthly increase in sales since records began in 2001. A diminishing supply indicates that prices will continue to grow throughout 2020.
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