Amid an environment of tight inventory and stubbornly high mortgage rates, housing prices in the U.S. continue to rise ever higher. S&P CoreLogic’s latest Case-Shiller U.S. National Home Price NSA Index, released June 25, 2024, reports that annual home-price growth increased in April 2024 by 6.3 percent. That’s a new all-time high, breaking the previous record set last month.
Case-Shiller Index still rising
In addition to the 6.3 percent overall increase, April numbers increased annually for both of Case-Shiller’s composite indices as well, with the 10-city index up 8.0 percent and the 20-city index up 7.2 percent.
“For the second consecutive month, we’ve seen our national index jump at least 1 percent over its previous all-time high,” said Brian D. Luke, head of commodities, real & digital assets at S&P Dow Jones Indices, in a statement. “2024 is closely tracking the strong start observed last year, where March and April posted the largest rise seen prior to a slowdown in the summer and fall. 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.”
Regional fluctuation continues
The Northeast continues to outpace other regions in price growth: “The Northeast is the best performing market for the previous nine months,” Luke said. “It’s now been over a year since we’ve seen the top region come from the South or the West.”
Thirteen markets are at…
