In March house prices continued to rise with a more moderate annual growth rate.
The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 3.9% in March, down from 4.9% in February. After reached 8.6% in November 2016, house price appreciation has been decelerating.
The Home Price Index from the Federal Housing Finance Agency (FHFA) rose at a seasonally adjusted annual rate of 7.0% in March, slower than 10.7% in February, confirming the deceleration in home prices.
Figure 2 shows the annual growth rate of home prices for 20 major U.S. metropolitan areas. In March local home price gains varied.
Among the 20 metro areas, home price appreciation ranged from -5.7% to 17.1%. Minneapolis had the highest home price appreciation of 17.1%, followed by Detroit (15.5%) and Seattle (14.5%). Tampa and Cleveland had negative home price appreciation. Except Tampa, Cleveland and Miami, most of metro arears had the higher home price appreciation than the national level of 3.9%.