Case-Shiller: Home-price index hits all-time high in March; Seattle sees 7.8% gain 

by John Yellig

Home prices hit yet another all-time high in March, S&P Dow Jones Indices said. 

Specifically, the S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 6.5% year over year and 1.3% month over month.  

“This month’s report boasts another all-time high,” Brian Luke, head of commodities, real and digital assets, at S&P Dow Jones Indices, said in a press release. “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.”  

In Seattle, home prices posted a 7.8% year-over-year gain in March, while prices rose 2.7% month over month. The 10-city composite index jumped 8.2% on a yearly basis and rose 1.6% on a monthly basis, while the 20-city composite rose 7.4% annually and gained 1.6% monthly.   

“Continued home-price resiliency amid surging borrowing costs highlight headwinds for the housing market reflected in slow sales activity, namely affordability challenges for potential homebuyers as costs of homeownership continue to skyrocket, particularly homeowners’ insurance and property tax increases,” CoreLogic Chief Economist Selma Hepp said in a statement. “While these costs are driving some sellers and investors to let go of homes and improving inventory shortages, buyers are maintaining the wait-and-see approach in anticipation of lower rates down the road.” 

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