Home prices ticked down -0.1% MoM in April, the first monthly decline since September 2022.

• On a year-over-year basis, home prices rose 4.1%, down from 5.9% growth in March and the slowest annual gain since July 2023.
• April marked only the third time that the RHPI has posted a month-over-month decline, with the other months—August and September in 2022—coming after a series of rapid interest rate rises. It’s worth noting that April’s decline (-0.05%, rounded to -0.1%) is minor and that RHPI data is subject to revision.
• Highlighting the overall slowdown, prices fell in 25 of the 50 most populous metro areas on a seasonally adjusted basis in April, month over month.
• The biggest decline was in Charlotte, NC (-1%), followed by Virginia Beach, VA (-1%) and Miami (-0.7%). Prices increased most in Nassau County, NY (1.8% month over month), Warren, MI (1.3%) and New York (1.2%).
• Redfin: “Home prices are essentially flat for two reasons: