Not only was there no signs of a housing slowdown in March, home price appreciation actually hit another record, according to the latest Case-Shiller report…(Case-Shiller)
- Y-O-Y: The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 20.6% annual gain in March, up from 20.0% in the previous month.
- M-O-M: The U.S. National Index posted a month-over-month increase of 2.1%, up from 1.9% the previous month.
NOTE: The 20-City Composite posted a whopping 21.2% year-over-year gain, up from 20.3% in the previous month, and higher than economists predictions of 20.0%.
After 33 months in a row, Phoenix was finally dethroned as the city with the biggest year-over-year price appreciation. Tampa now has the top spot with a gain of 34.8% in March.
- Phoenix was number two at 32.4% and Miami was number three at 32.0%.
Craig J. Lazzara, Managing Director at S&P DJI said there were no signs of a slowdown yet, in fact, it was just the opposite…
- “Those of us who have been anticipating a deceleration in the growth rate of U.S. home prices will have to wait at least a month longer…For both National and 20-City Composites, March’s reading was the highest year-over-year price change
The Federal Housing Finance Agency also had home prices continuing their climb in March, according to the latest Home Price Index report…(FHFA)
- Y-O-Y: U.S. house prices were up 18.7% in Q1 of 2021.
- M-O-M: U.S. house prices were up 1.5% in March from February.
Regionally, the Mountain region lead the way in Q1 with home prices up 24.7% year-over-year followed by the South Atlantic (+22.9%) and East South Central (+21.4%).
- The Mountain region also lead monthly appreciation with 2.6% price gains in March followed by East South Central (+2.2%) and South Atlantic (+1.6%).
Florida lead all states in Q1 with 29.8% gains at the end of March followed by Arizona (+27.5%) and Utah (+26.8%).