The latest S&P Cotality Case-Shiller® Home Price Index® numbers were published today.
The new report covers home sales from February to April 2026. This means the typical home sale closed in mid-March, more than 3 months ago. We should remember that Case-Shiller data is based on old sales data and does not include data from May 2026 onwards.
Figures for Detroit were not made available again because data from the largest county in that area were not received in time. There were 18 cities showing rising prices, while Phoenix was the only one to decline month-to-month. This is a more positive result than last month, except for us.
Comparing with the previous month’s series, we see the following changes:
| Rank | Metropolitan Area | % Change |
|---|---|---|
| 1 | IL-Chicago | 1.55% |
| 2 | CA-San Francisco | 1.51% |
| 3 | WA-Seattle | 1.25% |
| 4 | DC-Washington | 1.21% |
| 5 | MA-Boston | 1.16% |
| 6 | MN-Minneapolis | 1.13% |
| 7 | CA-Los Angeles | 1.10% |
| 8 | GA-Atlanta | 1.06% |
| 9 | NC-Charlotte | 1.05% |
| 10 | NY-New York | 0.96% |
| 11 | TX-Dallas | 0.92% |
| 12 | FL-Tampa | 0.91% |
| 13 | OR-Portland | 0.85% |
| 14 | CO-Denver | 0.84% |
| 15 | CA-San Diego | 0.83% |
| 16 | OH-Cleveland | 0.76% |
| 17 | FL-Miami | 0.52% |
| 18 | NV-Las Vegas | 0.21% |
| 19 | AZ-Phoenix | -0.05% |
Phoenix has weakened relative to the other cities and dropped from 18th to 19th. The national average was +0.77%, the third positive average we have seen in the last nine months. Phoenix was comfortably above average 2 months ago but has since lost ground.
Comparing year over year, we see the following changes:
| Rank | Metropolitan Area | % Change |
|---|---|---|
| 1 | IL-Chicago | 6.52% |
| 2 | NY-New York | 3.82% |
| 3 | OH-Cleveland | 3.18% |
| 4 | MA-Boston | 2.11% |
| 5 | MN-Minneapolis | 2.02% |
| 6 | CA-San Francisco | 1.30% |
| 7 | FL-Miami | 1.10% |
| 8 | CA-San Diego | 1.05% |
| 9 | NC-Charlotte | 1.01% |
| 10 | DC-Washington | 0.17% |
| 11 | GA-Atlanta | -0.13% |
| 12 | OR-Portland | -0.42% |
| 13 | CA-Los Angeles | -0.45% |
| 14 | TX-Dallas | -1.57% |
| 15 | AZ-Phoenix | -1.65% |
| 16 | NV-Las Vegas | -1.66% |
| 17 | FL-Tampa | -1.77% |
| 18 | CO-Denver | -1.85% |
| 19 | WA-Seattle | -2.26% |
Phoenix is still an under-performer in the year-over-year table, but it remains in 15th place, the same as last month.
The average for the USA was +0.85%, so Phoenix is currently a long way below that at -1.65%. When inflation is taken into account, 18 of the 19 cities have lower home prices than a year ago. Only Chicago at 6.52% has beaten the latest inflation reading of 4.2%.