A possible buyer walks in to view a house on the market during an open house in Parkland, Florida on May 25, 2021.
Carline Jean | Tribune News Service | Getty Images
Steep competition within the housing market and low supply are heating up home prices again.
Nationally, home prices in March were 0.7% higher than March 2022, the S&P CoreLogic Case-Shiller Indices said Tuesday.
“The modest increases in home prices we saw a month ago accelerated in March 2023,” said Craig J. Lazzara, managing director at S&P DJI in a release. “Two months of accelerating prices don’t a definitive recovery make, but March’s results suggest that the decline in home prices that began in June 2022 can have come to an end.”
The ten-city composite, which incorporates the Los Angeles and Latest York metropolitian areas, dropped 0.8% yr over yr, compared with a 0.5% increase within the previous month. The 20-city composite, which incorporates Dallas-Fort Value and the Detroit area, fell 1.1%, down from a 0.4% annual gain within the previous month.
Home prices are rising again month to month, nonetheless. After seasonal adjustment, prices increased nationally 0.4% in March compared with February. The ten-city composite gained 0.6% and 20-city composite rose 0.5%.
Lazzara also noted that the value acceleration nationally was also apparent at a more granular level. Before seasonal adjustment, prices rose in all 20 cities in March (versus in 12 in February), and in all 20 price gains accelerated between February and March.
Miami, Tampa, and Charlotte saw the best year-over-year gains among the many 20 cities in March. Charlotte replaced Atlanta in third place. Compared with a yr ago, 19 of 20 cities reported lower prices with only Chicago showing a rise at 0.4%.
“One of the interesting elements of our report continues to lie in its stark regional differences,” added Lazzara. “The farther west we glance, the weaker prices are, with Seattle (-12.4%) now leading San Francisco (-11.2%) at the underside of the league table. It’s unsurprising that the Southeast (+5.4%) stays the country’s strongest region, while the West (-6.2%) stays the weakest.”
