Home prices increased 6.5% in March compared to the same month a year ago, the same increase as the previous month, according to the S&P CoreLogic Case-Shiller Index released today. The 10-city composite rose 8.2% year over year compared to an 8.1% increase the previous month. The 20-city composite increased 7.4% year over year, up from a 7.3% increase the previous month. San Diego reported the highest year-over-year gain among the 20 cities with an 11.1% increase in March, followed by New York and Cleveland, with increases of 9.2% and 8.8%, respectively.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices rose 0.1% in March compared to the previous month. However, home prices were up 6.6% during the first quarter of 2024 compared to the same time period in 2023. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
