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Case-Shiller: National House Price Index Decreased 0.2% year-over-year in April


S&P/Case-Shiller released the monthly Home Price Indices for April (“April” is a 3-month average of February, March and April closing prices).

This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index.

From S&P S&P CoreLogic Case-Shiller Index Continued Gains in AprilThe S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census
divisions, reported a -0.2% annual decrease in April, down from a gain of 0.7% in the previous month.
The 10-City Composite showed a decrease of -1.2%, down from the -0.7% decrease in the previous
month. The 20-City Composite posted a -1.7% year-over-year loss, down from -1.1% in the previous

Before seasonal adjustment, the U.S. National Index posted a 1.3% month-over-month increase in
April, while the 10-City and 20-City Composites both posted increases of 1.7%.

After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.5%, while
the 10-City Composite gained 1.0% and 20-City Composites posted an increase of 0.9%.

“The U.S. housing market continued to strengthen in April 2023, says Craig J. Lazzara, Managing
Director at S&P DJI. “Home prices peaked in June 2022, declined until January 2023, and then began
to recover. The National Composite rose by 1.3% in April (repeating March’s performance), and now
stands only 2.4% below its June 2022 peak. Our 10- and 20-City Composites both gained 1.7% in

“The ongoing recovery in home prices is broadly based. Before seasonal adjustments, prices rose in
all 20 cities in April (as they had also done in March). Seasonally adjusted data showed rising prices in
19 cities in April (versus 14 in March).
emphasis added
Click on graph for larger image.

The first graph shows the nominal seasonally adjusted Composite 10, Composite 20 and National indices (the Composite 20 was started in January 2000).

The Composite 10 index is up 0.5% in April (SA) and down 2.7% from the recent peak in June 2022.

The Composite 20 index is up 1.0% (SA) in April and down 3.3% from the recent peak in June 2022.

The National index is up 0.9% (SA) in April and is down 1.8% from the peak in June 2022.

The second graph shows the year-over-year change in all three indices.

The Composite 10 SA is down 1.2% year-over-year.  The Composite 20 SA is down 1.7% year-over-year.

The National index SA is down 0.2% year-over-year.

Annual price changes were below expectations.  I’ll have more later.

Comments on April Case-Shiller and FHFA House Prices

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