Home Prices Rose 6.5% YOY in March, Says Case Shiller
New York, NY, May 28, 2024-The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 6.5% annual gain for March, the same increase as the previous month.
The Ten-City Composite saw an increase of 8.2%, up from a 8.1% increase in the previous month. The 20-City Composite posted a slight year-over-year increase to 7.4%, up from a 7.3% increase in the previous month. San Diego continued to report the highest year-over-year gain among the 20 cities this month with an 11.1% increase in March, followed by New York and Cleveland, with increases of 9.2% and 8.8%, respectively. Denver, holds the lowest rank this month for the smallest year-over-year growth, with a 2.1% annual increase in March.
The U.S. National Index, the 20-City Composite, and the Ten-City Composite all continued their upward trend from last month, showing pre-seasonality adjustment increases of 1.3%, 1.6% and 1.6%, respectively.
After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.3%, while the 20-City and the Ten-City Composite both reported month-over-month increases of 0.3% and 0.5%, respectively.
The national index, which rose 0.3% in March, was up 6.5% over the past year.
According to CNN, “U.S. home prices reached a record high in March, reflecting the housing market’s persistent affordability crisis.
“‘This month’s report boasts another all-time high,” said Brian Luke, head of commodities, real and digital assets, at S&P Dow Jones Indices. ‘We’ve witnessed records repeatedly break in both stock and housing markets over the past year.’
“In addition to unrelentingly high home prices, the housing market is also grappling with a chronic lack of homes on the market and elevated mortgage rates. Put together, it has resulted in a tough housing market, especially first-time buyers.”