Home prices across the US continued higher in April but at a slower pace than the previous month.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index was up 6.4% year-over-year compared to 6.5% in March; he 10-City Composite annual gain was 6.2% (6.4% in March); and the 20-City Composite increased 6.6% (6.7% in March).

Once again it was Seattle (13.1%), Las Vegas (12.7%), and San Francisco (10.9%) that posted the largest gains.

The national index gained 1% month-over-month before seasonal adjustment, with a 0.6% gain for the 10-City Composite and 0.8% gain for the 20-City. After seasonal adjustment, the monthly gains were 0.3%, 0.1% and 0.2% respectively.

“The favorable economy and moderate mortgage rates both support recent gains in housing,” says David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices.  “One factor pushing prices up is the continued low supply of homes for sale. The months-supply is currently 4.3 months, up from levels below 4 months earlier in the year, but still low.”

 

2006 Peak

2012 Trough

Current

Index

Level

Date

Level

Date

From Peak (%)

Level

From Trough (%)

From Peak (%)

National

184.62

Jul-06

134.00

Feb-12

-27.4%

200.86

49.9%

8.8%

20-City

206.52

Jul-06

134.07

Mar-12

-35.1%

210.17

56.8%

1.8%

10-City

226.29

Jun-06

146.45

Mar-12

-35.3%

223.70

52.7%

-1.1%

 

"Looking back to the peak of the boom in 2006, 10 of the 20 cities tracked by the indices are higher than their peaks; the other ten are below their high points. The National Index is also above its previous all-time high, the 20-city index slightly up versus its peak, and the 10-city is a bit below,” adds Blitzer.

However, he says that adjusted for inflation since 2006, only three cities – Dallas, Denver and Seattle – are ahead in real, or inflation-adjusted, terms.

The National Index is 14% below its boom-time peak and Las Vegas, the city with the longest road to a new high, is 47% below its peak when inflation is factored in.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate


More market watch: