Housing prices soar to a new all-time high in March
ResiClub co-founder and editor-in-chief Lance Lambert discusses the U.S. housing affordability crisis on 'Making Money.'
Home prices reached a new record in March amid an ongoing housing shortage, even as high mortgage rates pushed affordability out of reach for more Americans.
Prices increased 6.5% nationally in March when compared with the previous year, the S&P CoreLogic Case-Shiller index showed on Tuesday, the same as the previous month. It marks the fastest pace of growth since November 2022.
On a monthly basis, prices climbed 0.3%, according to the index.
«This month’s report boasts another all-time high,» said Brian Luke, head of commodities, real and digital assets at S&P DJI, in a release. «We’ve witnessed records repeatedly break in both stock and housing markets over the past year.»
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Homes in Rocklin, California, on Dec. 6, 2022. (Photographer: David Paul Morris/Bloomberg via Getty Images / Getty Images)
The 10-city composite, which encompasses Los Angeles, Miami and New York, rose 8.2% annually, compared with an increase of 8.1% in February. The 20-city composite, which also tracks housing prices in Dallas and Seattle, posted an annual gain of 7.4%, which also marks an increase from the 7.3% figure recorded the previous month.
Prices rose in all of the 20 major metro markets tracked by the index.
The largest price gain once again took place in San Diego, which recorded a year-over-year increase of 11.1%. It was followed by New York and Cleveland, with respective gains of 9.2% and 8.8%.
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Denver saw the smallest gain in March, with home prices climbing just 2.1% from the prior year – the same as the previous
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