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Case-Shiller Home Prices:  Steady Gains Continue

May 30, 2017
Bottom Line: Prices rose more than expected in March with year-on-year gains nationally showing acceleration relative to the steady 5% annual pace seen from 2014 to 2016. The strongest markets -- Seattle, Portland, and Denver - continued to see price gains. But even the markets that were slow are now seeing year-on-year home price gains of over 4%. Overall, tight supply conditions are continuing to support home prices and drive modest acceleration in prices relative to what we've seen for the last two years.

Case Shiller 20-City Home Price Index ROSE by 0.9% (seasonally adjusted) in March to 198.5, compared with market expectations for an increase of 0.7%. Home prices are 5.8% ABOVE their year ago level. Nationwide home prices are now just 4.0% BELOW their April 2006 peak, near April 2005 levels and 45.1% ABOVE their January 2012 trough.

On a non-seasonally adjusted basis, the home price index ROSE by 1.0% on the month. Housing prices rose in 18 of the 20 metro areas in March (on a seasonally adjusted basis) and in 20 of 20 metro areas on a year-over-year basis.
Cleveland had the smallest year-over-year increase at 4.1% while Seattle had the largest year-over-year increase at 13.3%.