The National House Price Index rose 0.7% year on year in March.

To Estimated risk per 05/30/2023 9:30:00

S&P/Case-Schiller released monthly house price indices for March (“March” is the 3-month average of closing prices for January, February and March).

This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and a monthly national index.

From CNBC Falling home prices could end, S&P Case-Shiller says

Nationally, house prices were 0.7% higher in March than in March 2022.This was announced on Tuesday by the S&P CoreLogic Case-Shiller index.

“The modest increase in home prices that we saw a month ago accelerated in March 2023,” Craig J. Lazzara, managing director of S&P DJI, said in a press release. “Two months of rising prices do not lead to a definitive recovery, but March results suggest that the decline in house prices that began in June 2022 may have come to an end.”

The 10-city combined, which includes the Los Angeles and New York metropolitan areas, fell 0.8% year-on-year, down from a 0.5% increase the previous month. The 20-city combined, which includes Dallas-Fort Worth and the Detroit area, fell 1.1% from a 0.4% annual gain the previous month.
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Case-Schiller House Price Indices Click on the graph to enlarge the image.

The first chart shows the nominal seasonally adjusted Composite 10 Index, Composite 20 Index and National Indices (Composite 20 Index was launched in January 2000).

The Composite 10 Index rose 0.6% in March (SA) and is down 3.6% from its recent peak in June 2022.

The Composite 20 Index rose 0.5% (SA) in March and is down 4.0% from its recent peak in June 2022.

The National Index rose 0.4% (SA) in March and is down 2.2% from its peak in June 2022.

Case-Schiller House Price Indices The second graph shows the change in all three indices on an annualized basis.

Composite 10 SA was down 0.8% year on year. Composite 20 SA was down 1.1% year on year.

The national SA index rose 0.7% year on year.

Annual price growth was below expectations. I will have more later.