Key Points:
- The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, rose 0.7% in the year that ended in March, down from 2.1% in the previous month.
- The National Home Price Index rose 0.4% in March from April for the second straight month on a seasonally adjusted basis.
- The 20-City Composite posted a -1.1% year-over-year decline, down from 0.4% gain in the previous month.
- The 10-City Composite posted a -0.8% year-over-year decline, down from 0.5% in the previous month.
- Miami reported the highest gains among the 20 cities in March with a 7.7% year-over-year price increase, followed by Tampa with a 4.8% increase, and Atlanta with an 4.7% increase.
- There are 19 of 20 cities reporting lower prices in the year ending March 2023 versus the year ending February 2023, with only Chicago showing an increase at 0.4%.
- The Right Facts will continue to monitor home prices.