Home prices increased 13.2% year-over-year in March, up from the 12.0% annual gain in February, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.
It’s the highest year-over-year gain recorded since December 2005.
The 10-City Composite annual increase was 12.8% (up from 11.7%), and the 20-City Composite was 13.3% (up from 12.0%).
Phoenix, San Diego and Seattle reported the highest year-over-year gains among the 20 cities, increasing 20.0%, 19.1% and 18.3%, respectively.
“These data are consistent with the hypothesis that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” S&P Spokesperson Craig Lazzara stated. “This demand may represent buyers who accelerated purchases that would have happened anyway over the next several years.”
