US home prices increase 4% in April
AP

US home prices increase 4% in April

  • 0
{{featured_button_text}}
US home prices increase 4% in April

FILE - In this Sept. 3, 2019 file photo a sign rests in front of a newly constructed home, in Westwood, Mass. U.S. home prices rose in April for the eighth straight month, even as sales have stumbled, a sign the coronavirus outbreak has had little impact on real estate values. The S&P CoreLogic Case-Shiller 20-city home price index climbed 4% in April, the largest gain since December 2018, up from 3.9% in March.

WASHINGTON (AP) — U.S. home prices gains accelerated in April even as sales have stumbled, a sign the coronavirus outbreak has had little impact on real estate values.

The S&P CoreLogic Case-Shiller 20-city home price index climbed 4% in April compared with a year earlier, the largest gain since December 2018, up from 3.9% in March.

Home sales have fallen sharply for three straight months to their lowest annual pace in nearly a decade in May. Yet the supply of available houses for sale has also declined, compared with a year ago, forcing remaining buyers to bid up prices.

“The price trend that was in place pre-pandemic seems so far to be undisturbed, at least at the national level,” said Craig Lazzara, managing director of S&P Dow Jones Industries. “Prices in 12 of the 20 cities in our survey were at an all-time high in April.”

Sales of existing homes are likely to pick up in coming months, however. A measure of signed contracts to buy homes soared 44% in May, a record increase. And sales of new homes also rebounded in May.

Phoenix posted the biggest price gain with an increase of 8.8%, compared with a year earlier. Seattle followed with 7.3% and Minneapolis with 6.4%. Prices from the Detroit metropolitan area were not included in the 20-city index because of delays at the recording office in Wayne County, which includes Detroit.

The Case-Shiller index is composed of a three-month average of home prices, so this month's data includes figures from February, March and April.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Concerned about COVID-19?

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Related to this story

Most Popular

  • Updated

NEW YORK (AP) — The U.S. Roman Catholic Church used a special and unprecedented exemption from federal rules to amass at least $1.4 billion in taxpayer-backed coronavirus aid, with many millions going to dioceses that have paid huge settlements or sought bankruptcy protection because of clergy sexual abuse cover-ups.

  • Updated

NEW YORK (AP) — The U.S. Roman Catholic Church used a special and unprecedented exemption from federal rules to amass at least $1.4 billion in taxpayer-backed coronavirus aid, with many millions going to dioceses that have paid huge settlements or sought bankruptcy protection because of clergy sexual abuse cover-ups.

  • Updated

MIAMI (AP) — Hospitals rapidly approached capacity across the Sunbelt, and the Miami area closed indoor dining at restaurants and gyms again because of the surging coronavirus Monday, as the U.S. emerged from a Fourth of July weekend of picnics, pool parties and beach outings that health officials fear could fuel the rapidly worsening outbreak.

Get up-to-the-minute news sent straight to your device.

Topics

News Alerts

Breaking News