02:00 PM EDT, 06/24/2025 (MT Newswires) -- US home prices fell sequentially in April, while the annual growth rate was the slowest in nearly two years, S&P Global ( SPGI ) division S&P Dow Jones Indices said Tuesday.

Nationally, the S&P CoreLogic Case-Shiller Index declined 0.4% month on month in April after seasonal adjustments, following a 0.3% drop the month prior. The 10- and 20-city composite indexes decreased 0.3% each.

Annually, prices rose 2.7% in April, easing from a 3.4% rate the month prior and marking its slowest year-over-year appreciation since the middle of 2023. Growth decelerated for both the 10- and 20-city composites.

"The housing market continued its gradual deceleration in April," said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices. "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."

Among the 20 cities, New York again logged the highest annual gain in home prices, followed by Chicago and Detroit. Tampa saw the lowest return, according to the report.

"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."

Separately, the Federal Housing Finance Agency said home prices dropped 0.4% in April on a seasonally adjusted basis, compared with March's upwardly revised flat print. Annually, prices rose 3% in April.

Price: 521.92, Change: +7.34, Percent Change: +1.43