Following February’s disappointing slowdown in home price appreciation, March’s S&P/Case-Shiller 20-City home price index stabilized, rising 5.43% YoY (beating 5.16% expectations by the most in 2 years). However, the national home price index slowed further from 5.32% YoY in Feb to 5.15% YoY in March with Seattle, San Francisco, and Denver seeing the greatest monthly increases.
Biggest beat in 2 years…
The March home-price gains follow a round of more timely data that showed purchases of existing and new homes and contract signings on previously owned houses all strengthened more than expected in April after the economy’s sluggish start to the year. Potential buyers still might be challenged by limited inventories, especially among lower-priced homes, while finding support from steady job gains and cheap borrowing costs.
“The economy is supporting the price increases with improving labor markets, falling unemployment rates and extremely low mortgage rates,” David Blitzer, chairman of the S&P index committee, said in a statement. “Another factor behind rising home prices is the limited supply of homes on the market.”
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