S&P CoreLogic Case-Shiller US Home Price Index Posts Annual Gain in March

On Tuesday (5-30-23), S&P Dow Jones Indices released its S&P CoreLogic Case-Shiller US National Home Price NSA Index for March. The Index, which covers all nine US Census divisions, reported that home prices experienced a 0.7% annual gain in March, down from a 2.1% gain in February and a 3.7% gain in January.

In March, the 10-City Composite posted a 0.8% decline, down from a 0.5% increase in February. The 20-city composite posted a 1.1% year-over-year loss, down from 0.4% gain in the previous month.

Miami, Tampa, and Charlotte reported the highest year-over-year gains among the 20 cities in March. Miami led the way with a 7.7% year-over-year price increase, followed by Tampa in second place with a 4.8% increase and Charlotte (replacing Atlanta) in third place with a 4.7% increase. In March, 19 out of 20 cities reported lower prices year-over-year versus the year ending in February, with only Chicago posting a modest increase of 0.4%.

Before seasonal adjustment, the US National Index posted a 1.3.% month-over-month increase in March, while both the 10-City and 20-City Composites posted increases of 1.6% and 1.5%, respectively. After seasonal adjustment, the US National Index posted a month-over-month increase of 0.4%, while the 10-City composite posted a 0.6% gain and 20-City Composite posted an increase of 0.5%.