S&P Case-Shiller Home Price Index: New All-Time High in March

Home prices continued to trend upwards in March as the benchmark 20-city index rose for a thirteenth consecutive month to a new all-time high. The S&P Case-Shiller Home Price Index revealed seasonally adjusted home prices for the 20-city index saw a 0.3% increase month-over-month (MoM) and a 7.4% increase year-over-year (YoY). After adjusting for inflation, the MoM was reduced to -0.1% and the YoY was reduced to 1.4%.

SP Case-Shiller Home Price Index 20-city composite

The benchmark 10-city index rose for a fourteenth consecutive month to a new all-time high in March. The seasonally adjusted home prices for the 10-city index saw a 0.5% MoM, and a 8.2% increase YoY. After adjusting for inflation, the MoM dropped to 0.0% and YoY dropped to 2.1%.

SP Case-Shiller Home Price Index 10-city composite

The benchmark national index rose for a fourteenth consecutive month to a new all-time high in March. The seasonally adjusted home prices for the national index saw a 0.3% increase MoM, and a 6.5% increase YoY. After adjusting for inflation, the MoM fell to -0.1% and YoY fell to 0.5%.

SP Case-Shiller Home Price Index national composite

Here is the analysis from today's Standard & Poor's press release:

ANALYSIS

“This month’s report boasts another all-time high,” says Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices. “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.

“San Diego stands out with an impressive 11.1% annual gain, followed closely by New York, Cleveland, and Los Angeles, indicating a strong demand for urban markets. The two largest population centers make up about 30% of the 20-City Composite and have shown significant recovery, keeping pace with our national composite annualized return of 9.9% since 2020. San Francisco and Seattle are still trailing previous highs, currently 9.7% and 8.2% lower than in May 2022, respectively. While Southern California ranked among the best annually, Seattle and San Francisco recorded the strongest monthly gains,” according to Luke.

“Regionally, the Northeast remains the top performer with an 8.3% annual gain, showcasing robust growth compared to other metro markets. Conversely, cities like Tampa, Phoenix, and Dallas, which saw top-tier performance in 2020 and 2021, are now growing at a slower pace. COVID was a boom for Sunbelt markets, but the bigger gains the last couple of years have been the northern metro cities,” Luke reported. “On a seasonal adjusted basis, national home prices have reached their ninth all-time high within the past year, with all 20 metropolitan markets posting positive annual gains for the fourth consecutive month, indicating widespread and sustained growth in the housing sector."