Home prices in the United States grew by the highest in over 15 years in March, the S&P Dow Jones Index reported.
- The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index climbed 13.2% in March, from 12.0% in February.
- This is the highest annual gain since December 2005, and the tenth consecutive month of accelerating prices.
- The 10-City Composite annual increase stood at 12.8%.
- The 20-City Composite annual increase was 13.3%, as all 20 cities reported higher price increases during the period.
- The biggest year-on-year gain was recorded in Phoenix with 20.0% followed by San Diego with a 19.1% climb, and Seattle up 18.3%.
- Managing Director and Global Head of Index Investment Strategy Craig Lazzara said the data shows that the pandemic encouraged potential buyers to move from urban apartments to suburban homes.
- Lazzara said the demand may indicate that buyers bought homes ahead of time, but the purchases would have happened anyway over the next few years.