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- U.S. home price growth unexpectedly accelerates in March - S&P Dow Jones Indices
U.S. home price growth unexpectedly accelerates in March - S&P Dow Jones Indices
S&P
reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices
in 20 U.S. metropolitan areas, surged 3.9 percent y-o-y in March, following an
unrevised 3.5 percent y-o-y increase in February.
Economists had
expected an advance of 3.3 percent y-o-y.
Phoenix (+8.2
percent y-o-y), Seattle (+6.9 percent y-o-y), and Charlotte (+5.8 percent
y-o-y) recorded the highest y-o-y advances in March. Overall, 17 of the 19
cities reported greater price gains in the year ending March versus the year
ending February.
Meanwhile, the
S&P/Case-Shiller U.S. National Home Price Index, which measures all nine
U.S. census divisions, climbed 4.4 percent y-o-y in March, up from 4.2 percent
y-o-y in the previous month.
"March’s
data witnessed the first impact of the COVID-19 pandemic on the S&P
CoreLogic Case-Shiller Indices,” noted Craig J. Lazzara, Managing Director and
Global Head of Index Investment Strategy at S&P Dow Jones Indices. “We have
data from only 19 cities this month, since transactions records for Wayne
County, Michigan (in the Detroit metropolitan area) were unavailable. “That
said, housing prices continue to be remarkably stable”, he added.
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