U.S. home price appreciation slows slightly in April, likely to continue rising at stable pace

Appreciation of U.S. home price moderated in April. The S&P CoreLogic Case-Shiller 20-city Home Price Index was up 0.3 percent sequentially in April. This was lower than consensus expectations of a rise of 0.5 percent.

On an annual basis, the pace of price appreciation slowed to 5.7 percent from the prior 5.9 percent. Part of the miss came from downward revisions to the March data. On a monthly basis, the pace of home price appreciation was downwardly revised by four-tenths to 0.53 percent in March.

Delving into details, out of 20 cities covered in the report, 15 recorded positive monthly home price growth. This shows a slight pause in momentum when compared with previous months. The biggest declines were seen in San Francisco, Boston and Tampa.

In spite of today’s weaker-than-expected report, the annual rate of home price appreciation continues to be within the 5 percent to 6 percent range witnessed in the past year. This steady pace of home price appreciation is expected to continue, added Barclays.

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