Home prices rose for the third month in a row in April, suggesting the housing market declines that started last year could have reversed course, according to S&P Dow Jones Indices. 

Specifically, the S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 1.3% month over month, identical to the gain recorded in March. Year over year, the index was down 0.2% but was nevertheless just 2.4% below its June 2022 peak. 

“If I were trying to make a case that the decline in home prices that began in June 2022 had definitively ended in January 2023, April’s data would bolster my argument,” S&P DJI Managing Director Craig Lazzara said in a press release. “Whether we see further support for that view in coming months will depend on the how well the market navigates the challenges posed by current mortgage rates and the continuing possibility of economic weakness.” 

In Phoenix, home prices posted a 6.1% year-over-year decline in April, while prices rose 0.7% month over month. 

The 10-city composite index slid 1.2% on a yearly basis and rose 1.7% on a monthly basis, while the 20-city composite fell 1.7% annually and gained 1.3% monthly.