Home prices in the United States continue to soar, growing at the same annual rate in March as they did in February.
Prices of sold homes rose 6.5 percent year-over-year in March, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. The gain matches that seen in February, which marked the fastest annual increase since November 2022.
Month-to-month, all three indices in the Case-Shiller report recorded increases for the second consecutive month, all growing at a faster pace than in February. The national index increased 1.3 percent on an unadjusted basis, while the 20-City Composite and the 10-City Composite each rose by 1.6 percent.
On an annual basis, the 20-City Composite increased 7.4 percent, while the 10-City Composite increased by 8.2 percent.
For the fourth straight month, every one of the 20 cities tracked recorded annual jumps in prices. San Diego again easily led the way with an 11.1 percent increase, while Denver replaced Portland as the most modest riser with a 2.1 percent increase, compared to Portland’s 2.2 percent increase. New York and Cleveland completed the top three metros for annual price increases.
The Northeast is still the strongest performing region in the country, S&P Dow Jones Indices’ Brian Luke said in a statement.
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Mortgage rates back under 7% … for now
High prices aren’t the only thing homebuyers need to contend with, as mortgage rates remain elevated from the early pandemic days. While they have been coming down to some degree in recent weeks — even dipping below 7 percent — they remain high compared to a few years ago, something that’s also keeping sellers from unloading their own properties, having a pronounced effect on supply.
“The remarkable rise in mortgage rates is acting as a kind of golden handcuffs,” Mark Hamrick, Bankrate’s senior economic analyst, said in a statement following the Case-Shiller report.