Home prices reached a new record in April amid an ongoing housing shortage, even as high mortgage rates pushed affordability out of reach for more Americans.
Prices increased 6.3% nationally in April when compared with the previous year, the S&P CoreLogic Case-Shiller index showed on Tuesday, down from the 8.3% pace recorded the previous month.
On a monthly basis, prices climbed 0.3%, according to the index.
"For the second consecutive month, we've seen our national index jump at least 1% over its previous all-time high," said Brian Luke, head of commodities, real and digital assets at S&P DJI, in a release. "Heading into summer, the market is at an all-time high, once again testing its resilience against the historically more active time of the year."
Homes in the Issaquah Highlands area of Issaquah, Washington on Tuesday, April 16, 2024. (Photographer: David Ryder/Bloomberg via Getty Images / Getty Images)
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