By Jing Fu | NAHB
National home price appreciation rose at a slower pace in April as more than half of metro areas experienced a deceleration in price growth. However, since 2014, deceleration in price growth nationwide has been followed by a re-acceleration. Nevertheless, three metro areas, New York, San Francisco, and Washington D.C., typically considered higher house price areas, recorded outright declines in house prices. Across the New York City metro area, house prices have fallen for the second consecutive month.
The Case-Shiller U.S. National Home Price Index rose at a seasonally adjusted annual growth rate of 4.1% in April, according to the data released by S&P Dow Jones Indices, slower than the pace of growth in March, 4.8%. In April, home prices were 9.1% above their pre-recession peak level, reached in February 2007. Continued house price appreciation reflects continued economic growth and tight inventory.