The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 6.5% annual gain for March, the same increase as the previous month. The 10-City Composite saw an 8.2% increase, up from an 8.1% increase in the previous month, while the 20-City Composite posted a slight year-over-year increase to 7.4%, up from a 7.3% increase in the previous month.
The U.S. National Index, the 20-City Composite, and the 10-City Composite showed pre-seasonality adjustment increases of 1.3%, 1.6% and 1.6%, respectively. After the seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.3% while the 20-City and the 10-City Composite both reported month-over-month increases of 0.3% and 0.5%, respectively.
“This month’s report boasts another all-time high,” says Brian D. Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. “We’ve witnessed records repeatedly break in both stock and housing markets over the past year. Our National Index has reached new highs in six of the last 12 months. During that time, we’ve seen record stock market performance, with the S&P 500 hitting fresh all-time highs for 35 trading days in the past year.”
Luke observed that San Diego led the nation with “an impressive 11.1% annual gain, followed closely by New York, Cleveland, and Los Angeles, indicating a strong demand for urban markets. The two largest population centers make up about 30% of the 20-City Composite and have shown significant recovery, keeping pace with our national composite annualized return of 9.9% since 2020. San Francisco and Seattle are still trailing previous highs, currently 9.7% and 8.2% 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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