The traditional spring homebuying surge failed to materialize this year, as April’s 2% year-over-year home price growth was the slowest pace since 2012, according to a report from Cotality.

The housing report provider, formerly known as CoreLogic, observed that two months ago, home prices were rising by almost 3%, which makes the April swoon more notable. The company cited consumer concerns about personal finances, job prospects and the potential impacts of the Trump administration’s April tariff rollouts as reasons for the reduced homebuyer enthusiasm.

Still, Cotality Chief Economist Selma Hepp sees reasons for optimism.

“Housing market headwinds continue to challenge homebuying demand, but improved for-sale supply is providing buyers with more options and helping keep softer price pressures for those looking to buy this spring,” Hepp wrote in an analysis. “And while annual home price growth has slowed considerably, home prices this spring have held up, and gains have mostly mirrored trends seen pre-pandemic. This is encouraging given the fears that consumer sentiment has faltered.”

Hepp also noted that the steepest home price declines were not widespread geographically, with only 14 of the largest 100 markets reporting annual declines, mostly concentrated in Florida and Texas. Florida in particular “continues to course correct after years of explosive growth,” Hepp said.

The national median home price was $395,000 in April, according to Cotality. To afford that home, households would need to earn $87,800 annually.

Cotality projects that home prices will increase 4.3% between April 2025 and April 2026.

“With more visibility around tariffs, diminishing concerns about an economic recession and more homes for sale, the homebuying market could see some improved optimism and more activity going forward,” Hepp wrote.