Home prices were on the rise during in March, but the rate of price increases slowed for the third consecutive month.
According to new data from Homes.com, a division of CoStar Group (NASDAQ: CSGP), year-over-year price increases totaled 2.2% in March, 2.7% in February, and 3.6% in January. In dollar terms, the median home price went up $8,000 from March 2024 to last month, an increase from $372,000 to $380,000.
Prices have increased for 21 consecutive months, with price appreciation peaking at 5.6% in December.
Of the 10 markets with the largest price increases, four were in the Northeast, and four were in the Midwest. Cleveland led the way, with prices rising more than 10% in the past year. Four markets saw price declines in March, with three markets – Orlando, Jacksonville and Tampa – in Florida. San Francisco was the only non-Florida market with price declines.
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