Key facts
- The S&P Cotality Case-Shiller National Home Price Index increased 0.8% year-over-year in April.
- The national index saw a 0.77% monthly increase in April.
- Home values have declined in real terms for 11 consecutive months due to accelerating inflation.
- The 10-city composite index rose 1.8% annually, and the 20-city index increased 1.1% annually in April.
- HousingWire Data indicates softer home price appreciation for the week ending June 26, 2026.
- Chicago, Atlanta, and Miami showed significant annual median list price growth as of late June 2026.
- Mortgage rates climbed back to 6.3% in April, impacting housing affordability.
The S&P Cotality Case-Shiller National Home Price Index showed a modest year-over-year increase of 0.8% in April, slightly up from 0.7% in March. On a monthly basis, the index grew by 0.77%. Despite this nominal growth, accelerating inflation, which stood at 3.8% annually in April, means that U.S. home values have effectively declined in real terms for 11 consecutive months.
More up-to-date data from HousingWire Data for the week ending June 26, 2026, indicates softer home price appreciation, with the median list price down 3.2% year-over-year and flat month-over-month. However, some major metros like Chicago (+7.3%), Atlanta (+3.2%), and Miami (+3.1%) have seen significant annual median list price growth.
The Case-Shiller 10-city composite index saw a 1.8% annual increase in April, up from 1.5% in March, while the 20-city index rose 1.1% year-over-year, up from 0.9% a month prior. Month-over-month, the 10-city composite was up 1.06% and the 20-city composite was up 1.03%.
Geographic disparities persist, with Midwest and Northeast markets leading moderate growth, while many Sun Belt and Western cities experience ongoing declines. Chicago led the top-20 markets with a 6.5% annual price change, while Seattle was the weakest at -2.3%. New York and Cleveland also showed strong annual growth, while Denver and Tampa saw declines.
Nicholas Godec of S&P Dow Jones Indices highlighted that housing affordability remains a significant headwind, exacerbated by 30-year mortgage rates climbing back to 6.3% in April. This elevated rate environment continues to constrain home price growth, with the housing market largely treading water in nominal terms and falling in real terms.