House-price progress accelerated in April, whilst house gross sales dropped sharply that month, as a consequence of a restricted provide of houses on the market in lots of markets.
The S&P CoreLogic Case-Shiller Nationwide Dwelling Value Index, which measures common house costs in main metropolitan areas throughout the nation, rose 4.7% within the yr that led to April, up from a 4.6% annual fee the prior month.
Sales of previously owned homes, which make up the majority of the housing market, dropped 17.8% in April from a month earlier because the coronavirus pandemic shut down enterprise exercise in lots of components of the nation, in line with the Nationwide Affiliation of Realtors.
However the decline in house gross sales hasn’t corresponded with a slowdown in home-price progress. Consumers have continued to buy houses, enticed by record-low rates of interest. And a few sellers have taken their houses off the market or determined to not promote, limiting the variety of homes on the market.