Home Prices Rose 4.4% YOY in March, Says Case-Shiller
New York, NY, May 26, 2020-Home prices made a 4.4% annual gain in March, up from 4.2% in the previous month, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions.
The Ten-City Composite annual increase came in at 3.4%, up from 3.0% in the previous month. The 20-City Composite posted a 3.9% year-over-year gain, up from 3.5% in the previous month.
Phoenix, Seattle and Charlotte reported the highest year-over-year gains among the 19 cities (excluding Detroit for the month). In March, Phoenix led the way with an 8.2% year-over-year price increase, followed by Seattle with a 6.9% increase and Charlotte with a 5.8% increase. Seventeen of the 19 cities reported higher price increases in the year ending March 2020 versus the year ending February 2020.
The National Index posted a 0.8% month-over-month increase, while the Ten-City and 20-City Composites posted increases of 1.0% and 1.1% respectively before seasonal adjustment in March. After seasonal adjustment, the National Index and the 20-City Composite posted a month-over-month increase of 0.5%, while the Ten-City Composite a posted 0.4% increase. In March, all 19 cities (excluding Detroit) reported increases before seasonal adjustment as well as after seasonal adjustment.