Home prices see a gain of 14.6% in April
According to the S&P CoreLogic Case-Shiller National Home Price Index, there was an annual gain of 14.6% in home prices in April, an increase from the 13.3% gain in March.
The 10 city composite of larger cities went up from 12.9% last month to 14.4%, and the 20-city composite was 14.9% higher than the 13.4% in March.
Historically, the performance is in the top quartile, with home prices rising in all 20 cities.
Phoenix, San Diego, and Seattle were up by 20% from last year. Charlotte, North Carolina, Cleveland, Dallas, Denver, and Seattle saw their largest annual gains ever.
There has been an expansion in price gains in the last 11 months, as the demand of buyers continues to exceed supply. The past few months have been seeing a fall in home sales due to low supply as well as exorbitant prices.
Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, said, “April’s performance was truly extraordinary. The 14.6% gain in the National Composite is literally the highest reading in more than 30 years of S&P CoreLogic Case-Shiller data.”