Bouyed by limited inventory, home prices reached new heights earlier this Spring as measured by the S&P CoreLogic Case-Shiller Index. According to just-released numbers, the Index hit an all-time high with a 6.5 percent annual gain for March.
The leading measure of U.S. home prices shows that all major metro markets reported month-over-month price increases. The 10-City Composite saw an increase of 8.2 percent, up from a 8.1 percent increase in the previous month.
San Diego continued to report the highest year-over-year gain among the 20 cities with an 11.1 percent increase in March, followed by New York, Cleveland and Los Angeles. Denver still holds the lowest rank after reporting three consecutive months of the smallest year-over-year growth.
“San Diego stands out with an impressive 11.1 percent annual gain, followed closely by New York, Cleveland, and Los Angeles, indicating a strong demand for urban markets,” said Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices. “The two largest population centers make up about 30 percent of the 20-City Composite and have shown significant recovery, keeping pace with our national composite annualized return of 9.9 percent since 2020. San Francisco and Seattle are still trailing previous highs, currently 9.7 percent and 8.2 percent lower than in May 2022, respectively. While Southern California ranked among the best annually, Seattle and San Francisco recorded the strongest monthly gains.”
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