The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 0.7 percent annual gain in March, down from 2.1 percent in February 2023. The 10-City Composite showed a decrease of -0.8 percent, while the 20-City Composite posted a -1.1 percent year-over-year loss, down from a 0.4 percent gain in the previous month.
Miami, Tampa, and Charlotte reported the highest year-over-year gains among the 20 cities in March. Miami led the way once again with a 7.7 percent year-over-year price increase, followed by Tampa with a 4.8 percent increase, and Charlotte with a 4.7 percent increase. Some 19 of the 20 cities reported lower prices in the year ending March 2023 versus the year ending February 2023. Only Chicago posted an increase at 0.4 percent.
“The acceleration we observed nationally was also apparent at a more granular level,” said Craig J. Lazzara, Managing Director at S&P DJI. “Before seasonal adjustment, prices rose in all 20 cities in March (versus in 12 in February), and in all 20 price gains accelerated between February and March. Seasonally adjusted data showed 15 cities with rising prices in March (versus 11 in February), with acceleration in 14 cities.
“One of the most interesting aspects of our report continues to lie in its stark regional differences,” Lazzara continued. “The farther west we look, the weaker prices are, with Seattle (-12.4 percent) now leading San Francisco (-11.2 percent) at the bottom of the league table. It’s unsurprising that the Southeast (+5.4 percent) remains the country’s strongest region, while the West (-6.2 percent) remains the weakest.”
Before seasonal adjustment, the U.S. National Index posted a 1.3 percent month-over-month increase in March, while the 10-City and 20-City Composites posted increases of 1.6 percent and 1.5 percent, respectively.
After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.4 percent, while the 10-City Composite gained 0.6 percent and 20-City Composites posted an increase of 0.5 percent.