- Prior month 0.5% revised to 0.4%
- Case Shiller Home Price 0.9% versus 0.4% expected
- case Shiller not seasonally adjusted +1.7% versus 1.6% last month (revised from +1.5%).
- Case Shiller year on year -1.7% versus -2.6% expected. The prior month came in at -1.1%
Among the 20 cities reported in March, Miami, Chicago, and Atlanta experienced the highest year-over-year gains.
- Miami led with a 5.2% year-over-year price increase.
- Chicago took second place with a 4.1% increase.
- Atlanta reclaimed third place over Charlotte with a 3.5% increase.
- 17 out of 20 cities reported lower prices in the year ending April 2023 compared to the year ending March 2023.
- Only Boston, San Francisco, and Cleveland showed slight increases of 0.1%, 0.1%, and 0.9%, respectively.
Comments from Case Schiller's Lazzara:
"The U.S. housing market continued to strengthen in April 2023. Home prices peaked in June 2022, declined until January 2023, and then began to recover."
"The National Composite rose by 1.3% in April (repeating March’s performance), and now stands only 2.4% below its June 2022 peak. Our 10- and 20-City Composites both gained 1.7% in April."
“The ongoing recovery in home prices is broadly based. Before seasonal adjustments, prices rose in all 20 cities in April (as they had also done in March). Seasonally adjusted data showed rising prices in 19 cities in April (versus 14 in March).”
"On a trailing 12-month basis, the National Composite is 0.2% below its April 2022 level, with the 10- and 20-City Composites also negative on a year-over-year basis"
"Regional differences continue to be striking. Miami’s 5.2% gain made it the best-performing city for the ninth consecutive month, but in April Chicago toddled into second place with a 4.1% gain. Atlanta (+3.5%) and Charlotte (+3.4%) round out the top four... At the other end of the scale, however, the worst eight performers are all in the Mountain or Pacific time zones, with Seattle (-12.4%) and San Francisco (-11.1%) at the bottom. The Southeast (+3.6%) continues as the country’s strongest region, while the West (-6.9%) remains the weakest."
"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."
"Whether we see further support for that view in coming months will depend on the how well the market navigates the challenges posed by current mortgage rates and the continuing possibility of economic weakness.”
Overall better data from Case Schiller despite the declines YoY. .
