Home prices rose more than expected in March

Home prices rose more than expected in March, according to the latest S&P/Case-Shiller home price index.

Prices rose 0.95% month-over-month and 5.04% year-over-year.

Expectations were for the index to show that home prices rose 0.9% month-over-month and 4.6% year-over-year, according to Bloomberg.

The index was revised to a 1.21% month-over-month gain from 0.9% for February and to 4.9% from 5.03% year-over-year.

David Blitzer, managing director and chairman of the index committee, wrote in the release: “Home prices have enjoyed year-over-year gains for 35 consecutive months. The pattern of consistent gains is national and seen across all 20 cities covered by the S&P/Case-Shiller Home Price Indices. The longest run of gains is in Detroit at 45 months, the shortest is New York with 27 months.”

Here’s the latest chart showing the index:

More to come …

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