US home prices continued to rebound in April | CNN Business

After seasonal adjustment, the national index rose 0.5% in April from March. Both the 10-City and 20-City composites saw increases, too, rising 1% and 0.9%, respectively. Before seasonal adjustments, the national index rose 1.3% from March. April’s increase comes after an uptick in February that snapped a seven-month streak of month-over-month declines. “The US housing market continued to strengthen in April 2023,” said Craig Lazzara, managing director at S&P DJI.

In March 2022, the Federal Reserve enacted the first of what would be a string of 10 consecutive interest rate hikes, throwing ice cold water over the housing market and other rate-sensitive industries in an attempt to combat decades-high inflation. Low inventory is keeping prices strong Although mortgage rates have risen since last year, prices remain strong in part because there are fewer options available for those who can still afford to buy.

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