Home prices increased again in April, hitting a new high that will likely keep homebuyers sidelined even as mortgage rates begin to soften, according to the latest S&P CoreLogic Case-Shiller national home price index report. Home prices rose 6.3% annually in April, a slight slowdown from the 6.5% annual increase in March. The 10- and 20-city indexes rose by 8% and 7.2% annually, respectively, each 0.3 percentage points slower than the prior month's annual pace.
Regionally, San Diego was again the fastest-growing market, with prices up 10.3% from a year ago. New York and Chicago followed in second and third place, registering annual growth of 9.4% and 8.7%, respectively. Markets seeing slower home price growth were focused in the West, with Portland, Denver and Minneapolis registering the most modest gains at 1.7%, 2%, and 2.9%, respectively. "Sustained outperformance of the Northeast market was last observed in 2011," Luke said.
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