S&P CoreLogic Case-Shiller Reports U.S. Home Price Index Posted Gains in April 2023

On Tuesday (6-27-2023), the latest results from the S&P CoreLogic Case-Shiller Indices for April were released and showed month-over-month price increases for all 20 major metro markets, with gains in 12 markets accelerating.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, reported that home prices experienced a 0.2% annual decline, down from a reported 0.7% annual gain in March.

In April the 10-City Composite posted a 1.2% decline, down from a 0.7% decline posted in March. The 20-city composite posted a 1.7% year-over-year loss, down from a 1.1% loss posted in the previous month.

Miami, Chicago, and Atlanta reported the highest year-over-year gains among the 20 cities in April. Miami led the way with a 5.2% year-over-year price increase, while Chicago broke into the top three in second place with an increase of 4.1%, and Atlanta reclaimed third place over Charlotte with a 3.5% increase. In April 17 out of 20 cities reported lower prices year-over-year, versus the year ending March 2023, with only Boston – up 0.1%, San Francisco – up 0.1%, and Cleveland – up 0.9% posting increases.

Before seasonal adjustment, the U.S. National Index posted a 1.3.% month-over-month increase in April, while both the 10-City and 20-City Composites posted increases of 1.7%. After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.5% , while the 10-City composite posted a 1.0% gain, and 20-City Composites posted an increase of 0.9%.