Home prices rise less than expected

The Case-Shiller home price index rose less than expected.

Prices rose 0.3% month-over-month, and 4.9% year-over-year in April.

Economists had estimated that home prices rose 0.8% month-over-month and 5.5% year-over-year, according to Bloomberg. That's compared to 0.95% month-over-month in March, and 5.04% year-over year.

In the release, S&P Dow Jones Indices' David Blitzer said consumer expectations are in line with the pace of home price increases.

"Home prices continue to rise across the country, but the pace is not accelerating," he said. "Recent housing data is positive. 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."

In a note to clients after the data, Pantheon Macroeconomics chief economist Ian Shepherdson wrote: "The underlying trend is much stronger than this report seems to suggest, and with sales rising amid very tight inventory we have to expect faster increases again once the weather hit washes fully through the data. Everything else we see in the housing data looks good; this is an outlier."

Here's the latest chart of the index:

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