Home prices in March were up 5.8 percent year-over-year, little different from the change of 5.7 percent year-over-year in February, and set a 33-month high, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.
The 10-City and 20-City Composites in March showed gains of 5.2 percent and 5.9 percent, respectively. Both were unchanged from February.
The highest price gains were seen in Seattle, 12.3 percent; Portland, 9.2 percent; and Dallas, 8.6 percent.
The National Index in March reported a month-over-month increase of 0.3 percent. The 10- and 20-City Composites both posted gains of 0.9 percent month-over-month.
“People are staying in their homes longer rather than selling and trading up,” said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, in a statement. “If mortgage rates, currently near 4 percent, rise further, this could deter more people from selling and keep pressure on inventories and prices.”
