In April, home prices in the US hit a new high, fueled by a persistent housing shortage and rising mortgage rates that are challenging affordability for many Americans. The S&P CoreLogic Case-Shiller index showed a 6.3% increase in prices compared to the previous year, slightly lower than the 8.3% growth seen in March. Major cities like Los Angeles, Miami, and New York experienced annual price gains, with San Diego leading at 10.3%. Despite this overall trend, Portland saw the smallest increase at 1.7%. The housing market faces multiple challenges, including underbuilding, rising mortgage rates, and expensive construction materials. This has led to fewer homes for sale and increased competition among buyers. The market's resilience in the face of these challenges will be tested as we head into the traditionally busy summer season.