Home prices had a 0.7% annual gain in March, according to the latest results for the S&P CoreLogic Case-Shiller Indices. The gain was down from a 2.1% year-over-year gain in February.
“Two months of increasing prices do not a definitive recovery make, but March’s results suggest that the decline in home prices that began in June 2022 may have come to an end,” S&P Spokesperson Craig Lazzara said in a statement. “That said, the challenges posed by current mortgage rates and the continuing possibility of economic weakness are likely to remain a headwind for housing prices for at least the next several months.”
The 10-City Composite declined 0.8%, and the 20-City Composite declined 1.1% year-over-year.
Miami, Tampa and Charlotte had the highest year-over-year gains among the 20 cities, rising 7.7%, 4.8% and 4.7%, respectively.
