Home prices in March saw highest growth in over 15 years, S&P Case-Shiller says [View all]

[mahatmakanejeeves]

Source: CNBC

REAL ESTATE

Home prices in March saw highest growth in over 15 years, S&P Case-Shiller says

PUBLISHED TUE, MAY 25 2021 9:01 AM EDT UPDATED AN HOUR AGO

Diana Olick
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KEY POINTS
-- Home prices in March were 13.2% higher in March, compared with March 2020, according to the S&P CoreLogic Case-Shiller National Home Price Index.
-- The 10-city composite rose 12.8% year over year, up from 11.7% in the previous month. The 20-city composite increased 13.3%, up from 12.0% in February.

Home prices in March were 13.2% higher in March, compared with March 2020, according to the S&P CoreLogic Case-Shiller National Home Price Index. ... That’s up from the 12% annual gain in February, and it marks the 10th straight month of accelerating home prices.

The March gain is the largest since December 2005 and is one of the largest in the index’s 30-year history. Prices are being pushed higher by incredibly strong competition in the market. High demand is butting up against near record-low supply, resulting in bidding wars for the vast majority of listings.

The 10-city composite rose 12.8% year over year, up from 11.7% in the previous month. The 20-city composite increased 13.3%, up from 12% in February.

Cities with the strongest price gains continue to be Phoenix, San Diego and Seattle. Phoenix sits at the top with 20% year-over-year price increase, followed by San Diego with a 19.1% increase and Seattle prices rising 18.3%. All 20 cities reported higher price increases in the year ending March 2021 versus the year ending February 2021.

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Read more: https://www.cnbc.com/2021/05/25/home-prices-in-march-saw-highest-growth-in-over-15-years-sp-case-shiller.html