The pace of U.S. home-price growth slowed in March, as concerns about personal finances, employment and potential tariff impacts cooled an already lukewarm spring housing market, Cotality, formerly CoreLogic, said in its monthly Home Price Insights report.
Nationally, home prices rose just 2.5% year-over-year in March, down from a 2.9% gain in February. The median price for a single-family home was $389,000.
The overall growth in home prices was driven in large part by significant gains in the Northeast, where Connecticut, New Jersey and Rhode Island saw gains of over 7%. Some Western states, like Utah and Idaho, saw prices fall 2.1% and 2.2%, respectively.
“While national home-price growth continues the expected slowdown, some markets are proving resilient despite the resurgence of mortgage rates and general trepidation among homebuyers,” Cotality Chief Economist Selma Hepp said in a press release. “This trend is especially apparent in the Northeast and Midwest, where the severe lack of inventory is helping prop up home prices but where home prices tend to remain in a more affordable range of around $230,000.”
Looking ahead, Cotality expects home prices to rise 4.9% between March 2025 and March 2026.
Courtesy of Cotality.