Home price growth had another slow month in April, even as the traditional busy spring homebuying season kicked off. 

The S&P Cotality Case-Shiller 20-City Composite Home Price Index, which measures home prices in 20 of the nation’s largest metropolitan areas, rose 1.14% in April from a year earlier, according to data released Tuesday. 

The National Index, which includes data from more metros across the country, saw an even smaller 0.85% gain. 

Both readings improved slightly from March, likely due to seasonal trends. Home prices tend to pick up in spring and early summer, which are busier months for sales. 

“Monthly price movements show seasonal strength masking underlying softness,” Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices, said in a statement. 

Home selling prices have been barely appreciating in recent years, as already-high list prices and elevated interest rates have limited sales activity. For 11 straight months, the price gains have failed to keep pace with inflation. 

Read more: How to get the lowest mortgage rates right now

“The affordability pinch remains a key headwind,” Godec said. “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.”

Pricing trends continue to diverge regionally. Home price growth is hotter in many cities on the East Coast and Midwest, while prices are falling outright in some Sun Belt regions. Chicago has the nation’s hottest large market, with prices up 6.5% since April 2025, followed by New York, which has seen a 2.8% gain. 

Home prices in Seattle, meanwhile, fell 2.3%, while prices dropped 1.8% in Denver and Tampa.

Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance.

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