Home prices reached a new record in April amid an ongoing housing shortage, even as high mortgage rates pushed affordability out of reach for more Americans.
Prices increased 6.3% nationally in April when compared with the previous year, the S&P CoreLogic Case-Shiller index showed on Tuesday, down from the 8.3% pace recorded the previous month.
On a monthly basis, prices climbed 0.3%, according to the index.
"For the second consecutive month, we've seen our national index jump at least 1% over its previous all-time high," said Brian Luke, head of commodities, real and digital assets at S&P DJI, in a release. "Heading into summer, the market is at an all-time high, once again testing its resilience against the historically more active time of the year."
MORTGAGE CALCULATOR: SEE HOW MUCH HIGHER RATES COULD COST YOU
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