Single-family home prices during March were up by 0.4% on both a month-over-month and year-over-year measurement, according to a data report from Cotality.
Among states, Illinois saw the most annual growth in March, increasing by 5.7%. It was followed by New Jersey and Connecticut (5.6%), Nebraska (5.0%) and Indiana (4.8%).
Among the 100 largest metro markets, the highest year-over-year home price increase was the 7.9% spike in Bridgeport, Connecticut. Newark, New Jersey, saw the next-highest gain at 6.8%.
Cotality is forecasting a 5.1% year-over-year home price gain in March 2027. According to Cotality’s Market Condition Indicators, 70 of the largest 100 metros are currently overvalued, meaning their current home price indexes exceed their long-term values by greater than 10%, while 23 are normal and seven are undervalued.
“We’re witnessing a real split in opportunity, as purchases are being limited to those who have enough equity or cash to ignore mortgage rates, which only widens the gap for those trying to get their foot in the door,” said Selma Hepp, Cotality’s chief economist. “Meanwhile, sellers don’t appear to be budging on their asking prices, which continue to trend more than 2% above closing prices.”
0 Comments