United States: Home price growth accelerates to the fastest pace since December 2013 in March
The S&P/Case-Shiller 20-city composite home price index increased 2.2% month-on-month in March, after February’s 1.3% rise. When adjusted for seasonal factors, home prices were up 1.6% in March, which was stronger than the previous month’s 1.2% increase.
Home prices surged 13.3% in annual terms in March, up from February’s 12.0% increase and marked the quickest pace of growth in over seven years. Gains were the strongest in Phoenix for 22 straight months, followed by San Diego and Seattle. Overall, all 20 cities registered price growth in March, with all but Chicago posting double-digit growth rates.