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- U.S. home price growth accelerates in line with estimates in April - S&P Dow Jones Indices
U.S. home price growth accelerates in line with estimates in April - S&P Dow Jones Indices
S&P
reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices
in 20 U.S. metropolitan areas, surged 4.0 percent y-o-y in April, following an
unrevised 3.9 percent y-o-y increase in March.
Economists had
expected an advance of 4.0 percent y-o-y.
Phoenix (+8.8
percent y-o-y), Seattle (+7.3 percent y-o-y) and Minneapolis (+6.4 percent
y-o-y) recorded the highest y-o-y advances in April. Overall, 12 of the 19
cities reported greater price gains in the year ending April versus the year
ending March.
Meanwhile, the
S&P/Case-Shiller U.S. National Home Price Index, which measures all nine
U.S. census divisions, climbed 4.7 percent y-o-y in April, up from 4.6 percent
y-o-y in the previous month.
"April’s
housing price data continue to be remarkably stable," noted Craig J.
Lazzara, Managing Director and Global Head of Index Investment Strategy at
S&P Dow Jones Indices. “April’s year-over-year gains were ahead of March’s,
continuing a trend of gently accelerating home prices that began last fall.
Results in April continued to be broad-based. Prices rose in each of the 19
cities for which we have reported data, and price increases accelerated in 12
cities”, he added.
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