Annual Growth in Home Prices Cools to 2.7%
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index for all 9 U.S. census divisions posted a 3.7% annual gain in March, down from 3.9%. The 10-City Composite annual increase came in at 2.3%, down from 2.5% in the previous month.
The 20-City Composite posted a 2.7% year-over-year gain, down from 3.0% in the previous month. The results mirror the Federal Housing Finance Agency (FHFA) House Price Index (HPI), which was also released Tuesday.
|Prior||Prior Revised||Consensus Forecast||Forecast Range||Actual|
|20-city, SA – M/M||0.2%||0.3%||0.2%||0.2% — 0.3%||0.1 %|
|20-city, NSA – M/M||0.2%||0.3%||0.3% — 0.5%||0.7%|
|20-city, NSA – Yr/Yr||3.0%||2.5%||2.2% — 3.8%||2.7%|
“Home price gains continue to slow,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “The patterns seen in the last year or more continue: year-over-year price gains in most cities are consistently shrinking.”
Las Vegas, Phoenix and Tampa led the way reporting the largest annual gains among the 20 cities. Las Vegas posted an 8.2% year-over-year price increase, followed by Phoenix with a 6.1% gain and Tampa at 5.3%.
Four of the 20 cities reported greater price increases in the year ending March 2019 versus the year ending February 2019.