The 10-City and 20-City Composites reported month-over-month home price gains in March with 0.8 percent and 0.9 percent increases, respectively, according to the S&P Home Price Indices.
The National Index increased 0.8 percent in March compared with February.
Year-over-year, the 10-City Composite increased 4.7 percent, the 20-City Composite gained 5 percent and the National Home Price Index rose 4.1 percent.
The highest year-over-year gains were in San Francisco and Denver, with increases of 10.3 percent and 10 percent, respectively. The largest decrease was in Cleveland, which saw its home prices fall 1.2 year-over-year in March.
“I would describe this as a rebound in home prices, not a bubble and not a reason to be fearful,” said David Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices, in a statement.
