US Home Prices Fall in April, Marking First Monthly Decline Since September 2022

On Thursday, Redfin reported that US home prices dipped 0.1% in April on a seasonally adjusted basis—the first monthly decline since September 2022.

Prices were still up 4.1% year-over-year, but that’s down from 4.9% in March and marks the slowest annual growth since July 2023.

The Redfin Home Price Index (RHPI) uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold.

April was only the third time the RHPI has posted a monthly decline. The other two instances—August and September 2022—followed a sharp series of interest rate hikes. Redfin noted that April’s decrease was slight (-0.05%, rounded to -0.1%) and that the index may be revised in future updates.

Redfin Senior Economist Sheharyar Bokhari said home prices are effectively flat due to two key factors:

• Demand is down: Buyers are taking a wait-and-see approach as concerns over US tariff policies and the risk of recession weigh on major purchase decisions. With more would-be buyers on the sidelines, pending home sales fell 3.5% month-over-month in April, seasonally adjusted.
• Supply is up: The total number of homes for sale is at a five-year high, largely because many homes aren’t selling. As a result, sellers are offering concessions at near-record levels.