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The S&P Cotality Case-Shiller U.S. National Home Price NSA Index posted a 0.8% annual gain for April 2026, up from a 0.7% increase the prior month.
The nominal improvement was erased in real terms: April's inflation rate of 3.8% ran roughly 3 percentage points above the annual home-price gain, pushing real home values into negative territory for the eleventh consecutive month.
Eleven Months of Real-Terms Losses The eleven-month streak of real-terms declines is the number that matters most for anyone using housing as a store of value or an inflation hedge.
The gap between 3.8% consumer-price inflation and 0.8% home-price appreciation means owners who bought a year ago and sold in April received more dollars but fewer goods.
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