The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 0.7% annual gain for March, 2023. Their 10-City Composite decreased 0.8% and their 20-City Composite decreased 1.1%, year-over-year. However, they do point out that data show a continuing recovery in housing prices as all 20 major metro markets reported month-over-month price increases.
“Two months of increasing prices do not a definitive recovery make, but March’s results suggest that the decline in home prices that began in June 2022 may have come to an end. That said, the challenges posed by current mortgage rates and the continuing possibility of economic weakness are likely to remain a headwind for housing prices for at least the next several months.” Said Craig J. Lazzara, Managing Director at S&P DJI.