Home Prices Rise in April, Despite Nationwide COVID-19 Economic Shutdown

According to the S&P CoreLogic Case-Shiller National Home Price Index (HPI), prices for existing homes rose 4.7% compared with April 2019 and were up 4.6% in the previous month (March). This despite a national economic shutdown in April and a sharp decline in home sales due to the COVID-19 pandemic. According to the HPI prices have been accelerating since last autumn. Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, said, “April’s housing price data continue to be remarkably stable. The price trend that was in place pre-pandemic seems so far to be undisturbed, at least at the national level.”