US Home Prices Rise 1.1% in April

The S&P Cotality Case-Shiller 20-City Home Price Index increased 1.1% year-over-year in April 2026, following an upwardly revised 0.9% gain in March and surpassing market expectations. This marked the first acceleration in home price growth since November 2025, though prices remained near a three-year low, reflecting a cooling US housing market. For the 11th consecutive month, inflation outpaced home price growth, continuing to erode real housing wealth. Regional trends diverged, with the Midwest and Northeast leading moderate gains, while many Sun Belt and Western metros saw further declines. Chicago led with a 6.5% annual rise, followed by New York (3.8%) and Cleveland (3.2%). Seattle posted the steepest drop at -2.3%, with Denver (-1.8%), Tampa (-1.8%), Dallas (-1.6%), and Phoenix (-1.7%) also among the notable decliners.

The S&P Cotality Case-Shiller 20-City Home Price Index rose just 0.8% year-over-year in March 2026, easing from 0.9% in February and falling short of market expectations for a 1.0% increase. It was the weakest annual increase since July 2023, adding to evidence of a cooling US housing market. For the tenth straight month, inflation outpaced home price growth, continuing to erode inflation-adjusted housing wealth. Regional divergence also persisted, with Midwest and Northeast cities outperforming while many Sun Belt and Western markets remained under pressure. Chicago led annual price gains with a 6.1% increase, followed by New York at 4.0% and Cleveland at 3.0%. On the downside, Seattle recorded the steepest annual decline at –2.5%. Other weak performers included Denver (–2.0%), Tampa (–1.9%), Dallas (–1.7%), and Phoenix (–1.6%). Even traditionally resilient markets such as Los Angeles (–1.6%) and Washington (–0.1%) slipped into negative territory.

The S&P Cotality Case-Shiller 20-City Home Price Index rose just 0.9% year-over-year in February 2026, down from 1.2% in January and below market forecasts of 1.1%. This marks the slowest annual growth since July 2023, highlighting the ongoing cooldown in the US housing market. For the ninth straight month, inflation outpaced home price appreciation, prolonging the streak of negative real home price returns. Over half of major US metro areas saw year-over-year price declines in February, with Denver (-2.2%) overtaking Tampa (-2.1%) as the weakest market, while Los Angeles (-0.8%) and Washington (-0.1%) also joined the list of decliners. On the other hand, Chicago led gains at 5%, followed by New York (4.7%) and Cleveland (4.2%). "Mortgage rates near 6% continue to weigh on affordability and transaction activity, holding nominal price growth below inflation," said Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices.