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U.S. Home Values Rose 0.8 Percent in April
Single-family home values increased 0.8 percent nationally in April from a year earlier, according to the S&P Cotality Case-Shiller Index. Chicago posted the largest metro gain at 6.5 percent while Seattle recorded the steepest decline at 2.3 percent.
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Single-family home values measured by repeat sales rose 0.8 percent in April compared with the same month a year earlier, according to data from the S&P Cotality Case-Shiller Index released Tuesday. The increase followed a 0.7 percent year-over-year gain in March.
At the metro level, Chicago recorded the largest annual increase among the 20 cities tracked, rising 6.5 percent. New York posted a 3.8 percent gain and Cleveland rose 3.2 percent.
Seattle posted the largest annual decline at 2.3 percent, followed by Denver and Tampa at 1.8 percent each. Dallas fell 1.6 percent and Phoenix declined 1.7 percent. More than half of the 20 tracked markets continued to show annual declines, though the number of cities with falling prices narrowed slightly from March.
Thirty-year mortgage rates averaged 6.3 percent in April after climbing from below 6 percent earlier in the year. Existing-home sales rose 3.2 percent in May to a five-month high of 4.17 million units. Pending home sales increased 3.8 percent in May and were up 4.8 percent from a year earlier.
The Case-Shiller Index is based on a three-month moving average and reflects purchase decisions made roughly two months earlier.
