U.S. Home Prices Posted First Annual Decline Since 2012 in April

Home prices posted their first year-over-year price decline in 11 years in April, as higher mortgage rates made home purchases more expensive for buyers.

The S&P CoreLogic Case-Shiller National Home Price Index, which measures home prices across the nation, fell 0.2% in April, compared with a 0.7% annual growth rate the prior month. The annual decline was the first for the index since April 2012.

Compared with the prior month, the index rose 0.5% in April on a seasonally adjusted basis, the third straight monthly increase.

Mortgage rates rose rapidly...