S&P CoreLogic Case-Shiller Index Shows 2.7% Annual Increase in April

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The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 2.7% annual gain for April, down from a 3.4% annual gain the previous month.

For the 10-City Composite, there was an annual increase of 4.1%, down from a 4.8% annual increase in March.

The 20-City Composite showed a year-over-year increase of 3.4%. That compares with a 4.1% increase the month before.

Among the spots listed in the 20-City Composite, New York saw the highest annual gain, with a 7.9% increase in April. Chicago had an annual increase of 6% and Detroit had an annual increase of 5.5%.

In contrast, Tampa, Fla., fell 2.2% and Dallas fell 0.2%. They were the only two metros with negative annual results.

Month-over-month, the pre-seasonally adjusted U.S. National Index trended up slightly in April from March, by 0.6%. Pre-seasonally adjusted, the 10-City Composite and 20-City Composite both reported gains of 0.7%.

After seasonal adjustment, however, the U.S. National Index posted a decrease of 0.4%. The 10-City Composite and the 20-City Composite Indices saw a 0.3% decrease.

“The housing market continued its gradual deceleration in April, with annual price gains slowing to their most modest pace in nearly two years,” said Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. “What’s particularly striking is how this cycle has reshuffled regional leadership–markets that were pandemic darlings are now lagging, while historically steady performers in the Midwest and Northeast are setting the pace. This rotation signals a maturing market that’s increasingly driven by fundamentals rather than speculative fervor.”

“We’re witnessing a housing market in transition,” Godec continued. “The era of broad-based, rapid price appreciation appears over, replaced by a more selective environment where local fundamentals matter more than national trends. For investors and policymakers alike, this shift toward geographic divergence and moderate growth may actually represent a healthier, more sustainable trajectory than the unsustainable boom we experienced just a few years ago.”