Home prices in US cities rise 4.9% in April: S&P/Case-Shiller

Home prices continued to rise in April, but at a slower pace than the previous month, according to the latest S&P/Case Shiller Index report.

The 20-city index rose 4.9 percent year-over-year, though the rate of annual price gains slowed in 11 urban areas.

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"Home prices continue to rise across the country, but the pace is not accelerating," David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, said in a statement. "Moreover, consumer expectations are consistent with the current pace of price increases."

Prices in Denver led the gains, jumping 10.3 percent. San Francisco followed close behind with a 10 percent appreciation in home prices.

Meanwhile, the pace of gains slowed considerably in Boston, where prices were up 1.8 percent over the last 12 months in April, compared with a 4.6-percent rise in March.

Still, recent housing data remain positive, Blitzer said.

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"Sales of new and existing homes are rising in recent reports and construction of new homes enjoyed strong gains in May. At the same time, the proportion of new construction that is apartments rather than single family homes remains high," he said.