The 20-city S&P Case-Shiller home price index climbed 1.24% month-over-month in March. This was above expectations for a 0.7% mum rise.
Meanwhile, home prices were 12.37% year-over-year, above expectations for an 11.8% YoY rise.
This compares to a revised 0.78% mum rise in February and an unchanged 12.86% YoY rise the previous month.
“The year-over-year changes suggest that prices are rising more slowly,” David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices said in a press release.
“Annual price increases for the two Composites have slowed in the last four months and 13 cities saw annual price changes moderate in March. The National Index also showed decelerating gains in the last quarter. Among those markets seeing substantial slowdowns in price gains were some of the leading boom-bust markets including Las Vegas, Los Angeles, Phoenix, San Francisco and Tampa.”
Here’s the trajectory of home prices:
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