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April Home Price Dip Extends Modest Gains
The S&P Case-Shiller index dipped 0.1% in April, extending subdued price gains as elevated mortgage rates and limited inventory keep the market in check.
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The S&P Case-Shiller National Home Price Index fell 0.1% in April on a seasonally adjusted basis, the latest reading in a stretch of modest price movements. The index, which tracks single-family home prices across the U.S., has moved within a narrow range for several months as buyers and sellers adjust to a higher-rate environment.
The April decline keeps the annual pace of appreciation well below the double-digit gains seen in 2021–2022. The central bank's rate increases have lifted mortgage rates past 7%. That has curbed affordability and slowed transaction volumes. Annual price growth has decelerated accordingly.