Annual home price gains are continuing to slow down, driving toward their lowest level in seven years, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, released Tuesday. Home prices, on average, achieved an annual 3.5 percent gain in April, down from 3.7 percent the previous month.

“Home price gains continued in a trend of broad-based moderation,” Philip Murphy, managing director and global head of index governance at S&P Dow Jones Indices, said in a statement. “Year-over-year price gains remain positive in most cities, though at diminishing rates of change.”

The highest price increases were reported in Las Vegas, Phoenix and Tampa. Home prices grew 7.1 percent year-over-year in Las Vegas, 6 percent in Phoenix and 5.6 percent in Tampa.

Ruben Gonzalez, the chief economist at Keller Williams, believes low interest rates will be a benefit to sales as we head into the busiest season of the year.

“That said, we may see some pickup in sales and prices in the next few months, but we expect home price growth to continue in the low single digits for the remainder of the year as inventory rises,” Gonzalez said. “The effect of several years of rising prices on affordability along with increasing uncertainty around the future of the economy may be weighing on housing demand.”

The Federal Housing Finance Administration (FHAFA) also released its own home sales data on Tuesday. U.S. home prices rose 0.4 percent from March to April, according to the FHFA’s monthly House Price Index (HPI) released on Tuesday. The HPI is also up 5.2 percent from 2018 to 2019

FHFA’s HPI is a weighted, repeat-sales index, that uses average price changes in repeat sales or refinancings on the same properties, whereas Case Shiller’s home price index tracks changes in the value of residential real estate nationally.


How do you stay ahead in a changing market? Inman Connect Las Vegas — Featuring 250+ experts from across the industry sharing insight and tactics to navigate threat and seize opportunity in tomorrow’s real estate. Join over 4,000 top producers, brokers and industry leaders to network and discover what’s next, July 23-26 at the Aria Resort. Hurry! Tickets are going fast, register today!

Thinking of bringing your team? There are special onsite perks and discounts when you buy tickets together. Contact us to find out more.


Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription