PHOTO: A house’s real estate for sale sign is seen in front of a home in Arlington, Virginia, November 19, 2020. – (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)
Home price growth in the U.S. surged in April at a pace not seen in more than 30 years.
Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index posted a 14.6% annual gain in April, up from 13.3% in March — marking the 11th straight month of accelerating prices. The 20-City Composite posted a 14.9% annual gain, up from 13.4% a month earlier. The results far outpaced analysts’ expectations of a 14.7% annual gain, according to Bloomberg consensus estimates.
“April’s performance was truly extraordinary. The 14.6% gain in the National Composite is literally the highest reading in more than 30 years of S&P CoreLogic Case-Shiller data,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, in a press statement. “Housing prices in all 20 cities rose; price gains in all 20 cities accelerated; price gains in all 20 cities were in the top quartile of historical performance.”
Phoenix, San Diego, and Seattle continued to lead the 20-City composite. Phoenix led for the 23rd month in a row posting a 22.3% annual increase, followed by San Diego with a 21.6% increase and Seattle with a 20.2% increase.
Boston Federal Reserve President Eric Rosengren told Yahoo Finance last week that he was “concerned about rising home prices, but noted that the hot real estate market is “not at a point where we should be panicked.”
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