S&P reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices in 20 U.S. metropolitan areas, surged 4.0 percent y-o-y in April, following an unrevised 3.9 percent y-o-y increase in March.

Economists had expected an advance of 4.0 percent y-o-y.

Phoenix (+8.8 percent y-o-y), Seattle (+7.3 percent y-o-y) and Minneapolis (+6.4 percent y-o-y) recorded the highest y-o-y advances in April. Overall, 12 of the 19 cities reported greater price gains in the year ending April versus the year ending March.

Meanwhile, the S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, climbed 4.7 percent y-o-y in April, up from 4.6 percent y-o-y in the previous month.

"April’s housing price data continue to be remarkably stable," noted Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “April’s year-over-year gains were ahead of March’s, continuing a trend of gently accelerating home prices that began last fall. Results in April continued to be broad-based. Prices rose in each of the 19 cities for which we have reported data, and price increases accelerated in 12 cities”, he added.