Home Price Growth Slows in March

The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI) increased at a seasonally adjusted annual rate of 3.65% for March.  This was following an adjusted 6.42% rate gain for February.

On a year-over-year basis, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index posted a 6.49% annual gain in March, following a 6.53% increase in February.

Further, the Home Price Index released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 1.20% for March, falling from a 16.07% rate in February. On a year-over-year basis, the FHFA Home Price NSA Index rose 6.75% in March, down from 7.11% in the previous month. 

In addition to tracking national home price changes, S&P Dow Jones Indices also reported home price indexes across 20 metro areas in March on a seasonally adjusted basis. Five out of 20 metro areas reported negative home price appreciation: Dallas at -1.05%, Seattle at -1.23%, Tampa at -2.95%, Phoenix at -3.49%, Denver at -7.85%. Among the 20 metro areas, seven exceeded the national average of 3.65%. New York had the highest rate at 16.20%, followed by Cleveland at 16.13%, and then Chicago with a 9.47% increase.


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