U.S. house prices continued to rise in April, according to the latest estimates. The 20-city composite from S&P/Case-Shiller CL showed that house prices rose 0.3 percent sequentially and 4 percent year-on-year, following a similar rise in the prior month.
Housing starts, sales and inventory levels dropped considerably in the March/April period, but home prices have continued to rise, implying it has held up well against the COVID-19 shock, noted Barclays in a research report.
In all, the trend in house price appreciation has continued to rebound compared to the mid-2019, when it had decelerated considerably. Prices rose in 16 of the 20 major areas. The West Coast saw some softness in April – with falls in Portland and Seattle and were flat in San Francisco. Meanwhile, Cleveland, Phoenix and Minneapolis led the way with the stronger monthly price rises in April.
