US house price growth eases a touch in April, in line with views

US house price growth slowed just a touch in April, according to the S&P/Case-Shiller National Home Price Index, and the outlook is uncertain following Brexit and ahead of the US elections.

The 20-City Composite Index was up 5.4%, down from 5.5% in March but in line with economists’ estimates.

David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said: “The housing sector continues to turn in a strong price performance with the S&P/Case-Shiller National Index rising at a 5% or greater annual rate for six consecutive months.

“The home price increases reflect the low unemployment rate, low mortgage interest rates, and consumers’ generally positive outlook. One result is that an increasing number of cities have surpassed the high prices seen before the Great Recession. Currently, seven cities – Denver, Dallas, Portland OR, San Francisco, Seattle, Charlotte, and Boston – are setting new highs.”

Still, Blitzer noted that the outlook was uncertain. “Last week’s vote by Great Britain to leave the European Union is the most recent political concern while the US elections in the fall raise uncertainty and will distract home buyers and investors in the coming months.”