Home prices in April were 3.5% higher than a year earlier, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. The rise was lower than the 3.7% gain seen in March.
The 10-city composite, however, began to gain again, rising 2.3% annually, up from 2.2% in the previous month. The 20-city composite rose 2.5% year over year, down from 2.6% in March.
The report looks back two months and is a three-month running average of prices. Other more recent reports have shown that gains in home prices are rising again, thanks to lower mortgage rates and more demand. Prices tracked by Zillow have fallen month to month for two straight months on a seasonally adjusted basis. These are the first monthly drops in seven years. Prices also began to gain steam annually in April, according to a different survey by CoreLogic.
Going locally on the Case-Shiller report, Las Vegas, Phoenix and Tampa, Florida, saw the highest annual gains among the 20 cities in April. Las Vegas prices rose…