Home Prices Rose 5.8% YOY in March, S&P CoreLogic Case-Shiller

Dallas-area prices rose 8.6 percent in the monthly Standard & Poor’s/Case-Shiller Home Price Index.

“While there is some regional variation, prices are rising across the US”, said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in a statement.

Tampa saw a year-over-year increase of 5.1 percent, while Miami saw a 6.8 percent rise in prices.

Of the 20 cities in the index, the weakest gain was in New York City – an area where home prices are already high relative to median incomes.

Judging by the past performances, S&P Case-Schiller reached the consensus that each month the national index climbs 0.3% seasonally adjusted. Half of the 20 cities tracked posted annual gains of more than 6 percent. A new report showed a continuous ascension of American home prices throughout the month of May.

More specifically, this 20-city home price index-which the agency released Tuesday-increased almost 6 percent over the course of the past 12 months (ending in March).

Along with Dallas’ 8.6 percent annual price increase, Seattle prices rose 12.3 percent and Portland prices were up 9.2 percent.

He said sales of both new and existing homes, housing starts and the National Association of Home Builders’ Sentiment Index are all trending higher.

USA home prices continued their upward climb in March, rising 0.3% on an adjusted basis compared with February and rising 5.8% compared with March 2016, according to the S&P CoreLogic Case-Shiller Indices.

He said owners are staying in their homes longer, putting a lid on the number of available properties, while higher interest rates might also be discouraging owners from selling.

“While there is some regional variation, prices are rising across the United States”. That is up from 5.7% last month and marks a 33-month high.

Blitzer said if mortgage rates rise above the current 4 percent range, it could deter even more people from selling.

“If mortgage rates, now near 4%, rise further, this could deter more people from selling and keep pressure on inventories and prices”, he said.

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