Home Prices Hit New All-Time High in March
Home prices soared to a new all-time high in March, according to the latest Case-Shiller Home Price Index. Despite a modest monthly increase, the year-over-year growth continues to climb, indicating a robust housing market.
- M-O-M: In March, home prices rose by 0.3%, matching the rise in February but marking the smallest increase in the last three months.
- Y-O-Y: The year-over-year price growth accelerated to 6.5%, up from 6.4% in February, reaching the highest level since November 2022.
Record-Breaking: The Case-Shiller Home Price Index hit 316.646 in March, the second consecutive monthly increase and the highest level ever recorded. The 20-City Composite, which tracks home prices in major metropolitan areas, posted a year-over-year increase of 7.3%, up from 6.6% in the previous month and exceeding economists’ expectations of 7.3%.
What They’re Saying: Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices, commented on the market’s performance, stating, “We’ve witnessed records repeatedly break in both stock and housing markets over the past year. Our National Index has reached new highs in six of the last 12 months. During that time, we’ve seen record stock market performance, with the S&P 500 hitting fresh all-time highs for 35 trading days in the past year.”
Top Metros: San Diego maintained its position as the top-performing city for the fourth consecutive month with an impressive 11.1% annual gain in March. New York took the second spot with 9.2% growth, followed closely by Cleveland and Los Angeles, both at 8.8%, and Chicago at 8.7%.
Bottom Line: The continued rise in home prices underscores the ongoing strength of the housing market, despite depressed demand. As the market navigates these record highs, potential buyers and investors alike will be watching closely for signs of sustainability or potential cooling in the months ahead.
