U.S. home prices climbed to another record high in April, as inflation continued to run hot across the housing market in the spring.
https://finance.yahoo.com/news/home-prices-record-high-april-2022-131118002.html
The latest S&P CoreLogic Case-Shiller index released Tuesday put the annual increase in the cost of a home at 20.4% in April, down slightly from the prior month's upwardly revised jump of 20.6%.
The pace of increases slowed marginally for the first time since November in a potential sign home prices may be beginning to cool, but many cities across the country continued to see prices soar at a quickened pace.
“April 2022 showed initial (although inconsistent) signs of a deceleration in the growth rate of U.S. home prices,” Craig Lazzara, managing director at S&P DJI, said in a statement. “We continue to observe very broad strength in the housing market, as all 20 cities notched double -digit price increases for the 12 months ended in April. April’s price increase ranked in the top quintile of historical experience for every city, and in the top decile for 19 of them.”
Cities that saw the biggest price accelerations were Tampa, Miami and Phoenix, with year-over-year home prices gains of 35.8%, 33.3%, and 31.3%, respectively.
Moreover, S&P CoreLogic Case-Shiller’s 10-city composite registered an annual increase of 19.7%, climbing from 19.5% in March. The 20-city composite saw an annual gain of 21.2% compared to 21.1% during the prior month.
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