Tuesday, June 24, 2014

Home Price Appreciation Continues Upward Trend

Home prices rose at their fastest pace all year in April, growing 1.1%, according to the Case-Shiller index. However, the year-over-year growth continues to slow. The 20-city composite index indicated that prices in April are 10.8% above year-ago levels, slower than the 12.6% seen in March. Cold weather in the first two months of the year likely held demand low, causing a rebound in March and April. Next month’s report should normalize, and therefore might reveal a slightly lower pace of growth.

All 10 metropolitan areas saw home prices improve from the previous month. Moreover, every metropolitan area continues to see prices above year-ago levels. New York saw the slowest gain, growing 0.1%. Boston had the strongest growth at 2.9%. Las Vegas continues to see the largest year-over-year growth, at 18.8%.

Read the S&P release.

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