Press Release
April housing picks up speed, but trails historical baselines
The S&P Cotality Case-Shiller Home Price Index, formerly known as the S&P CoreLogic Case-Shiller Home Price Index, is a leading measure of U.S. residential real estate prices.
IRVINE,Calif., June 30, 2026— The U.S. housing market picked up speed in April, though it remains well below its historical pace. Annual national home price growth accelerated to 0.84%, up from 0.73% in March. Major metropolitan areas easily outpaced the national average, led by the 10-City index rising 1.77% and a 1.14% increase in the 20-City Index.
Annual home price growth shows acceleration
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (June 30, 2026)
“Home prices are shaking off a sluggish start, with a majority of cities shifting into a higher gear compared to last month,” says Molly Boesel, Principal Economist at Cotality. “The most notable trend is the deep divide between tiers: premium properties are sprinting ahead and driving the bulk of the monthly momentum, while heavy affordability pressures keep entry-level buyers stuck in the starting blocks.”
April gains miss historical averages
April typically brings strong seasonal price gains as the spring buying season hits its stride, but monthly appreciation remains below historical trends. National month-over-month prices increased by 0.8% in April, trailing the 1.0% average monthly increase recorded for April between 2015 and 2019.
Month-over-month price appreciation
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (June 30, 2026)
Midwest and Northeast outpace national average
While a broader acceleration emerged across 13 major metropolitan area in April, steady Midwest and Northeast markets continue to lead national annual growth. Chicago topped the index at 6.52% (up from 6.12% in March), followed by New York at 3.82% and Cleveland at 3.18%.
Meanwhile, West Coast markets flashed the sharpest shift in momentum. Los Angeles and San Francisco led the acceleration race, picking up 1.2 and 1.0 percentage points, respectively. Conversely, Seattle logged the weakest annual performance with a 2.26% decline, a slight improvement over March's 2.48% drop.
Metros show broadening acceleration in annual home price growth
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (June 30, 2026)
Chicago rises, Phoenix pulls back
Month-over-month, Chicago registered the strongest growth at 1.55%, outpacing its historical April average of 1.19%. San Francisco (1.51%) and Seattle (1.24%) also posted strong gains, though both fell short of their pre-pandemic historical averages (1.55% and 2.14%).
In contrast, Phoenix bucked the seasonal trend with a 0.04% decline, missing its historical April average growth of 0.80%. This divergence underscores a highly uneven spring market, where a seasonal lift is underway in select regions while others stall.
Major metros see divergence in monthly price gains
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (June 30, 2026)
Premium properties drive monthly momentum across price tiers
Premium properties are driving the bulk of recent monthly appreciation. Across all markets, monthly price changes averaged 0.74% for the low tier, 0.90% for the medium tier, and 1.15% for the high tier.
Boston has the most broad-based growth across all segments, jumping 2.37% in its low tier, 1.40% in the medium tier, and 1.15% in the high tier. Conversely, Phoenix lagged due to a sluggish high tier, which grew by just 0.02%.
High-tier properties lead month-over-month appreciation
Data source: S&P Cotality Case-Shiller Indices, not seasonally adjusted (June 30, 2026)
Historically, a spring market lift brings a fast-paced wave of buyers competing across all price points. This year, however, the spring rush is losing its velocity.
The spring housing market remains highly divided. While minor acceleration suggests underlying endurance, monthly gains trailing historical averages prove that buyers face steep affordability hurdles. High-tier properties carry the momentum, but tight inventory and elevated interest rates block a full breakout, pointing to sustained, low single-digit annual growth ahead.
About Cotality
Cotality accelerates data, insights, and workflows across the property ecosystem to enable industry professionals to surpass their ambitions and impact society. With billions of data signals across the life cycle of a property, we unearth hidden risks and transformative opportunities for agents, lenders, carriers, and innovators. Get to know us at cotality.com.
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