Homes are seen for sale in the northwest area of Portland, Oregon, in this file photo taken March 20, 2014. REUTERS/Steve Dipaola/Files
Home prices in 20 major U.S. metro areas rose 0.8% in April from the month prior on a non-seasonally-adjusted basis, according to the S&P/Case-Shiller home price index.
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From the same period a year prior, prices saw a 6.6% increase, short of the 6.8% expectation.
Seattle, Las Vegas, and San Francisco continue to report the highest year-over-year gains among the 20 cities.
Seattle led the way with a 13.1% year-over-year price increase, followed by Las Vegas with a 12.7% increase and San Francisco with a 10.9% increase.
On a monthly basis, nineteen of 20 cities reported increases in April before seasonal adjustment.
The favorable economy and moderate mortgage rates both support recent gains in housing.
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One factor pushing prices up is the continued low supply of homes for sale. The months-supply is currently 4.3 months, up from levels below 4 months earlier in the year, but still low.
