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According to analysts from Wells Fargo, the S&P/Case Shiller Index showed that home prices continued to rise across the US amid tight inventories of homes for sale.

Key Quotes:

“Nationwide home prices rose 0.3 percent in April, increasing 6.4 percent on a year-to-year basis. While a slight moderation compared with March’s 0.4 percent gain, prices have now risen at a 6.0 percent clip or greater for seven consecutive months.”

“Prices continued to rise across the country, with 17 of the 20 covered markets posting higher prices in April. Nine of the cities also saw larger year-to-year increases compared to March.”

“The top six highest year-to-year price increases occurred in the West, where there continues to be a severe short supply of homes for sale amid booming population and employment growth.”