Home Prices Rise More Modestly in April

Wells Fargo Research Team Wells Fargo

Housing prices rose somewhat more modestly in April according to the latest S&P CoreLogic Case-Shiller report. The national index is now up 5.5 percent year-to-year, with the Pacific Northwest leading the way.

Home Price Appreciation Moderates Just a Bit

 The S&P CoreLogic Case-Shiller National Home Price Index rose 5.5 percent over the year. The 20-City and 10-City indices rose 5.7 percent and 4.9 percent year-to-year, respectively.
 The split between the 20-City and 10-City indices reflects some moderating price appreciation in New York City, Washington D.C. and Chicago, all in the 10-City index, and continued rapid gains in Seattle and Portland, which are in the 20-City Index

Recovery Has Not Been Broadly Based

 With Atlanta joining the club this month, seven of the 20 markets tracked by the 20-City index have surpassed their previous peak. Home prices in five other metro areas remain at least 15 percent below their prior peak level.
 Denver and Dallas are now 40.2 percent and 38.6 percent above their previous highs, respectively. Both areas had modest price drops during the downturn and have enjoyed strong recoveries.

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Wells Fargo Research Team

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