US home prices smashed another record high in April
ResiClub co-founder and editor-in-chief Lance Lambert discusses the U.S. housing affordability crisis on 'Making Money.'
Home prices reached a new record in April amid an ongoing housing shortage, even as high mortgage rates pushed affordability out of reach for more Americans.
Prices increased 6.3% nationally in April when compared with the previous year, the S&P CoreLogic Case-Shiller index showed on Tuesday, down from the 8.3% pace recorded the previous month.
On a monthly basis, prices climbed 0.3%, according to the index.
«For the second consecutive month, we've seen our national index jump at least 1% over its previous all-time high,» said Brian Luke, head of commodities, real and digital assets at S&P DJI, in a release. «Heading into summer, the market is at an all-time high, once again testing its resilience against the historically more active time of the year.»
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Homes in the Issaquah Highlands area of Issaquah, Washington, on April 16, 2024. (Photographer: David Ryder/Bloomberg via Getty Images / Getty Images)
The 10-city composite, which encompasses Los Angeles, Miami and New York, rose 8% annually, compared with an increase of 8.3% in March. The 20-city composite, which also tracks housing prices in Dallas and Seattle, posted an annual gain of 7.2%, which also marks an increase from the 7.5% figure recorded the previous month.
Prices rose in about half of the 20 major metro markets tracked by the index.
«Last month’s all-time high came with all 20 markets accelerating price gains,» Luke said. «This month, just over half of our markets are seeing prices accelerate on a monthly basis.»
The largest price gain once again took place in San Diego,
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