According to the S&P CoreLogic™ Case-Shiller Index, home prices were accelerating, just as the country began shutting down to slow the pace of the COVID-19 pandemic. On a national level home price rose 4.4% annually, up from 4.2% in February. Prices are still being buoyed by a severe lack of homes for sale. There was already a shortage going into the COVID-19 crisis, but then sellers began delisting their properties, and potential sellers decided to wait. The 10-City Composite rose 3.4% annually, up from 3% in the previous month. The 20-City composite increased 3.9%, up from 3.5% in February. Due to reporting delays related to the pandemic, only 19 cities are included. Detroit’s price numbers were unavailable.
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Home prices gained strength as coronavirus shut down economy in March, S&P Case-Shiller says