The pace of U.S. home-price appreciation fell to its slowest pace in almost two years in April as markets that overheated during the pandemic bumped up against affordability constraints, and more stable markets attracted new interest, S&P Dow Jones Indices said. 

Specifically, the S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 2.72% year over year, a slight decrease from the 3.42% annual gain measured in March. Month over month, the index rose 0.61%. 

The 10-city composite index rose 4.07% year over year, down from 4.76% in March, while the 20-city composite rose 3.42%, down from 4.07% in March.   

“What’s particularly striking is how this cycle has reshuffled regional leadership — markets that were pandemic darlings are now lagging, while historically steady performers in the Midwest and Northeast are setting the pace,” said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices. “This rotation signals a maturing market that’s increasingly driven by fundamentals rather than speculative fervor.”   

In Dallas, home prices slid 0.21% year over year in April, down from an increase of 0.19% in March. 

“We’re witnessing a housing market in transition,” Godec said. “The era of broad-based, rapid price appreciation appears over, replaced by a more selective environment where local fundamentals matter more than national trends.  

“For investors and policymakers alike, this shift toward geographic divergence and moderate growth may actually represent a healthier, more sustainable trajectory than the unsustainable boom we experienced just a few years ago.”