U.S. house prices rose slightly in April, up 0.7% from March, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). On a year-over-year basis, prices rose 3.1 % from April 2022 to April 2023. Additionally, the previously reported 0.6% increase in March was revised downward to 0.5%.

“U.S. house prices generally increased moderately in April,” said Nataliya Polkovnichenko, an economist at the FHFA. “However, on a year-over-year basis, house prices in some regions of the country continued to decline.” 

For the nine census divisions, which include Pacific, Mountain, West North Central, East North Central, West South Central, East South Central, Middle Atlantic, South Atlantic and New England, seasonally adjusted monthly price changes from March 2023 to April 2023 varied. They ranged from +0.1% in the Pacific division to +2.4% in the New England division. The 12-month changes ranged from -3.8% in the Pacific division to +6.1% in the East South Central division.

Also released on Tuesday, the S&P CoreLogic Case-Shiller National Home Price Index indicated that home prices were rose month-over-month for the third consecutive month in April.