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Both the FHFA and Case‑Shiller home price indices were released today. While the data collection time frame is from April, they each suggest a similar shift is underway when adjusting for seasonality. Specifically, if we ignore seasonality, prices rose. If we don’t, they were down 0.4% from March. FHFA House Price Index (seasonally adjusted, MoM)
April: −0.4%; March was revised from −0.1% to 0.0%
YoY: +3.0% from April 2024 to April 2025
Monthly figures varied regionally: the West South Central and South Atlantic divisions posted the steepest falls (−1.3%), while the Middle Atlantic rose +1.2%. All nine divisions remain positive YoY (ranging from +0.5% to +7.4%). The 0.4% drop is in line with slower spring momentum—not drastic, but a continued cooling from prior gains. The upward revision in March helps to offset April’s declines to some extent. Case‑Shiller National Index (unadjusted)
YoY: +2.7% in April, down from +3.4% in March
MoM (raw): +0.6%
MoM (seasonally adjusted): −0.4%
