Real Estate

Home prices rose in April despite record unemployment


Home prices rose in April, despite the nation entering a recession, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.

Home prices rose in April, despite the nation entering a recession, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.

Photo: Getty Images

Home prices rose in April, despite the nation entering a recession, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.

Home prices rose in April, despite the nation entering a recession, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.

Photo: Getty Images

Home prices rose in April despite record unemployment

Home prices rose in April despite record unemployment and widespread shut downs, according to the S&P CoreLogic Case-Shiller Index.

The index showed that home prices rose 4.7 percent in April from the year before.

“While the U.S. economy entered a recession during this period, the housing market continued to show signs of stability,” said George Ratiu, senior economist for the real estate listing website realtor.com, in an emailed statement.

AFFORDABILITY: Home ownership increasingly out of reach of region’s renters

Prices have been buoyed by the number of buyers drawn into the market by historically low mortgage rates and the scarcity of homes on the market, as many homeowners put off selling their homes.

“With rising demand and shrinking supply, asking prices are accelerating, putting increased pressure on younger and first-time buyers,” Ratiu said. “Without a replenishing supply of new and existing homes, the summer homebuying season will be short and frustrating for many buyers.”