National Home Price Index Rises 0.8% in April, Chicago Tops at 6.5%
SPGI•The S&P Cotality Case-Shiller U.S. National Home Price Index rose 0.8% year-over-year in April 2026, up from March’s 0.7% gain, while real home values have declined for the 11th straight month due to 3.8% inflation. Chicago led with a 6.5% annual increase, whereas Seattle fell 2.3%.
1. National Home Price Trends
The S&P Cotality Case-Shiller U.S. National Home Price NSA Index recorded a 0.8% year-over-year increase in April 2026, up from a 0.7% rise in March. The 10-City Composite climbed 1.8% and the 20-City Composite rose 1.1%, marking modest acceleration in metro area performance.
2. Regional Divergence
Chicago posted the highest annual gain at 6.5%, followed by New York at 3.8% and Cleveland at 3.2%, while Seattle declined 2.3%. Several Sun Belt and Western markets, including Denver (-1.8%), Tampa (-1.8%), Dallas (-1.6%) and Phoenix (-1.7%), also saw significant drops, highlighting a nearly 9-point spread between top and bottom performers.
3. Seasonal and Real-Term Dynamics
On an unadjusted basis, the National Index rose 0.8% from March, with the 10-City and 20-City Composites up 1.1% and 1.0%, respectively. However, after seasonal adjustment the National Index dipped 0.1% and the 20-City Composite was flat, extending real-term home value declines to 11 straight months as 3.8% inflation outpaced price gains.
4. Mortgage Rate Headwinds
Affordability remains pressured as 30-year mortgage rates climbed back to 6.3% in April, keeping financing costs elevated. In this higher-rate environment, nominal home price growth has stalled and real purchasing power continues to erode.
