Home prices broke the prior month’s all-time record high, setting a new record high for the second month in a row in April, the S&P CoreLogic Case-Shiller Indices showed Tuesday.
The closely watched 20-city index, which tracks home prices in the largest metropolitan areas, rose by 1.4 percent before seasonal adjustment and 0.4 percent after adjusting for seasonality.
Home sales typically pick up in the spring and summer months, often pushing up prices, so the seasonal adjustments downplay the month-t0-month gains.
Compared with a year ago, the 20-city index is up 7.2 percent, outpacing overall inflation and putting homes out of reach for many Americans already squeezed by rapidly rising prices.
The highest year-over-year gain in home prices was in San Diego, where prices are up 10.3 percent. New York and Chicago fill out the top three, with gains of 9.4 percent and 8.7…
