While recent home sales data has rebounded stunningly, Case-Shiller’s home-price appreciation index was expected to show signs of slowing in April (always lagged) – the peak of the lockdowns across the states… but it didn’t.
Somehow, whether through smoothing or seasonal adjustments, the 20-City Composite home price index accelerated at +3.98% YoY (up from March’s revised 3.91% and better than the expected 3.80% rise)
Source: Bloomberg
Despite a MoM disappointment (+0.33% vs +0.5%), home prices have accelerated for 9 straight months.
Phoenix, Seattle, Minneapolis reported highest year-over-year gains among 19 cities surveyed (Detroit excluded for month due to virus-related reporting delays).
