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Home price gains slow in April


Home prices increased at a slower pace in April, according to the S&P/Case-Shiller Home Price Indices.

The national index was up 4.2 percent compared to a year ago, a pace slightly slower than the 4.3 annual pace in March, Case-Shiller reported Tuesday. The 10-city and 20-city composite averages were up 4.6 percent and 4.9 percent compared to last year, respectively.

“Home prices continue to rise across the country, but the pace is not accelerating,” says David M. Blitzer, managing director and chairman of the Index Committee, in a news release.

Price gains and consumers expectation are running a little lower than the long-term average annual pace of 4.9 percent since 1975, he said. Given that overall inflation is running below 2 percent, however, home prices are rising “more quickly than is typical,” Blitzer said. 

Most of the recent housing data has been good, Blitzer said, but he noted that new construction remains more heavily focused on apartment building than the historic average.

Over the past 12 months, prices rose the fastest in Denver and San Francisco at 10.3 percent and 10 percent, respectively.   

 


 

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