The pace of United States home-price growth ticked slightly higher in April, S&P Dow Jones Indices said, adding that price changes varied widely by region, with the Midwest and Northeast showing moderate growth and the Sunbelt and West seeing declines. 

The S&P Cotality Case-Shiller U.S. National Home Price NSA Index rose 0.8% year over year in April, compared to a 0.7% gain in March. Month over month, the index also rose 0.8%.  

Seattle posted a 1.25% monthly increase in price gains but logged a 2.3% annual drop, the largest of the metros surveyed for the index.

“Geographic dispersion remains pronounced,” said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices, noting that Chicago posted the largest annual gain, at 6.5%, which is almost 9% higher than Seattle’s dip.  

S&P Dow Jones noted that inflation outpaced national home-price appreciation for the 11th month in a row, with 3.8% inflation outpacing the 0.8% price increase by three percentage points. 

“The affordability pinch remains a key headwind,” G. “After dipping below 6% earlier this year, 30-year mortgage rates climbed back to 6.3% in April, keeping financing costs elevated. In this higher-rate environment, home price growth remains constrained, with housing largely treading water in nominal terms and falling in real terms.”