- Nationally, house prices in March were 0.7% higher than in March 2022, according to the S&P CoreLogic Case-Shiller Indices.
- Seasonally adjusted, prices in March rose nationally by 0.4% compared to February. The 10-city network increased by 0.6% and the 20-city network increased by 0.5%.
A prospective buyer stops by to view a home for sale during an open house in Parkland, Florida on May 25, 2021.
Carline Jean | Tribune News Service | Getty Images
Fierce competition in the housing market and low supply are once again driving real estate prices up.
Nationally, house prices in March were 0.7% higher than in March 2022, the S&P CoreLogic Case-Shiller Indices said on Tuesday.
“The modest rise in home prices we saw a month ago accelerated in March 2023,” Craig J. Lazzara, chief executive officer at S&P DJI, said in a release. “Two months of rising prices does not mean a definitive recovery, but March results suggest the fall in house prices that began in June 2022 may have come to an end.”
The 10-city federation, which includes the Los Angeles and New York metropolitan areas, fell 0.8% year over year, compared to a 0.5% increase in the previous month. The 20-city federation, which includes Dallas-Fort Worth and the Detroit area, fell 1.1% from a 0.4% annual gain in the previous month.
However, real estate prices are rising again from month to month. Seasonally adjusted, prices in March rose nationally by 0.4% compared to February. The 10-city network increased by 0.6% and the 20-city network increased by 0.5%.
Lazzara also noted that price increases at the national level are also evident at a more detailed level. Seasonally adjusted prices increased in March in all 20 cities (compared to 12 in February) and in all 20 cities price increases accelerated between February and March.
Miami, Tampa and Charlotte saw the highest year-over-year increases of the 20 cities in March. Charlotte edged out Atlanta in third place. Year-over-year, 19 out of 20 cities reported lower prices, with only Chicago seeing a 0.4% increase.
“One of the most interesting aspects of our report continues to be its strong regional differences,” added Lazzara. “The further west we look, the weaker the prices are, with Seattle (-12.4%) now at the bottom of the rankings, ahead of San Francisco (-11.2%). Unsurprisingly, the South East (+5.4%) remains the country’s strongest region, while the West (-6.2%) remains the weakest.”