U.S. Home Price Growth Remains Muted in April

New York, NY, June 30, 2026—U.S. home prices continued to post modest gains in April, though values remained below the pace of inflation for the 11th consecutive month, according to the latest S&P Cotality Case-Shiller Home Price Index. 

The national index rose 0.8% year over year in April, up slightly from a 0.7% annual increase in March. However, with inflation running at 3.8%, home prices continued to decline in real terms, reflecting ongoing affordability challenges for buyers. 

Regional performance remained uneven. Chicago led the 20-city index with a 6.5% annual price increase, followed by New York at 3.8% and Cleveland at 3.2%. Seattle posted the largest decline, with prices falling 2.3% year over year, while Denver, Tampa, Dallas and Phoenix also recorded annual decreases. 

On a month-over-month basis, the national index increased 0.8% before seasonal adjustment but slipped 0.1% after seasonal adjustment, suggesting that typical spring buying activity masked continued underlying softness in the housing market. 

S&P Dow Jones Indices said higher mortgage rates also continue to weigh on the market. After dipping below 6% earlier this year, the average 30-year mortgage rate climbed back to 6.3% in April, limiting home price growth despite seasonal demand.