Are US home prices finally slowing down?

Despite these, the tight inventory of houses for sale may be keeping values elevated.

In recent months, price growth has accelerated broadly across 20 cities in the index, climbing 21.2% in April following a 21.1% gain in March. Miami, Phoenix, and Tampa recorded the biggest gains.

But April’s data saw only nine cities continuing to see price gains quicken, five of which were in southern states, including Atlanta, Dallas and Charlotte, North Carolina.

Read next: Best performing US markets now see biggest share of price cuts  

“Mortgage financing has become more expensive as the Federal Reserve ratchets up interest rates, a process that had only just begun when April data were gathered,” Lazzara said. “A more challenging macroeconomic environment may not support extraordinary home price growth for much longer.”