TAMPA, Fla. — While US home prices in April posted their first annual decrease in 11 years, some Florida cities still saw an increase, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday.
The national index fell 0.2% in April on an annual basis, according to the report. It’s the first annual decline since 2012. Tampa and Miami, however, saw a year-over-year increase of 2.4% and 5.2%, respectively.
However, despite the year-over-year drop from last summer’s continued surge, prices continued to rise on a monthly basis.
After seasonal adjustment, the national index rose 0.5% in April from March. Both the 10-City and 20-City composites saw increases, too, rising 1% and 0.9%, respectively. Before seasonal adjustments, the national index rose 1.3% from March.
It’s the third month in a row that prices have increased, following an increase in February that snapped a seven-month streak of month-over-month declines.
“The US housing market continued to strengthen in April 2023,” said Craig Lazzara, managing director at S&P DJI. “If I were trying to make a case that the decline in home prices that began in June 2022 had definitively ended in January 2023, April’s data would bolster my argument.”
He added: “Whether we see further support for that view in coming months will depend on how well the market navigates the challenges posed by current mortgage rates and the continuing possibility of economic weakness.”
This story is developing and will be updated.
