Home Prices Rose 0.7% in March, Says Case-Shiller

New York, NY, May 30, 2023-Home prices made a 0.7% annual gain in March, down from 2.1% in the previous month, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions. 

The Ten-City Composite showed a decrease of -0.8%, down from 0.5% increase in the previous month. The 20-City Composite posted a -1.1% year-over-year loss, down from a 0.4% gain in the previous month.

Miami, Florida; Tampa, Florida; and Charlotte, North Carolina reported the highest year-over-year gains among the 20 cities in March. Miami led the way once again with a 7.7% year-over-year price increase, followed by Tampa in second with a 4.8% increase, and Charlotte replacing Atlanta in third with a 4.7% increase. There are 19 of 20 cities reporting lower prices in the year ending March 2023 versus the year ending February 2023, with only Chicago showing an increase at 0.4%.

Before seasonal adjustment, the U.S. National Index posted a 1.3% month-over-month increase in March, while the Ten-City and 20-City Composites posted increases of 1.6% and 1.5%, respectively.

After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.4%, while the Ten-City Composite gained 0.6% and 20-City Composites posted an increase of 0.5%.