The S&P/Case-Shiller 20-city index, which measures the value of residential real estate in 20 major metro areas, rose 5.7 percent during the three-month period ending in April compared to the same time last year. But, the rate is down from the 5.9 percent annual gain in March, according to MarketWatch.
Of the 20 cities, only Cleveland experienced a monthly decline (of only 0.1 percent). Meanwhile, 12 cities had monthly gains of 1 percent or better, including Seattle (2.6 percent), Portland (1.9 percent), and San Francisco (1.5 percent). Seattle also had a 12.9 percent rise over the last 12 months, the only metro in double digits.
“Will home-price gains gently slow or will they crash and take the economy down with them?” wrote S&P’s David Blitzer in a release. “For the moment, conditions appear favorable for avoiding a crash.”
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