Home price appreciation continued in April despite the economic slowdown and the recent declines in existing home sales due to the COVID-19 pandemic.
The S&P CoreLogic Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 5.8% in April, after a revised 6.9% increase in March. On a year-over-year basis, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index posted a 4.7% annual gain in April, up from 4.6% in March. It marked the highest annual growth rate since November 2018. Although the economy experienced a slowdown and existing home sales dropped to the slowest pace in a decade in April, home prices remained stable at national level amid the COVID-19 pandemic.
Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 2.1% in April, following a 1.8% increase in March. On a year-over-year basis, the FHFA Home Price NSA Index rose by 5.5% in April, after an increase of 5.9% in March.