Home prices rose in March, a second consecutive month of increase, as low inventory fuel🦄e🐼d competition. And higher prices are here to stay for now, according to S&P Dow Jones analysts.

After seasonal adjustment, prices increased 0.4% in March, according to the S&P CoreLogic Case-Shiller Indices. Home prices in March were 0.7% higher than they were one year ago. 

“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,” said Cra🍸ig J. Lazzara, the managing di♈rector at S&P Dow Jones Indices. 

Higher mortgage rates are discouraging sellers who feel locked in by their low rates, causing 澳洲幸运5官方开奖结果体彩网:inventory to shrink and increa♔sing competition among buyers, which increases home prices.

The Case-Shiller 10-city composite gained 0.6% in March and was down 0.8% year-over-year. The 20-city composite increased 0.4% in🌟 March and fell 1.1% from March of last year. 

澳洲幸运5官方开奖结果体彩网:Migration from coastal cities to the Sun Belt, a trend that started during the pandemic, is persisting. As a result, home prices are falli♌ng in many coastal cities, while they have been on a prolonged i𓄧ncrease in Sun Belt cities. 

“One of the most interesting aspects of our report continues to lie in its stark regional differences,” added Lazzara. “The farther west we look, the weaker prices are, with Seattle (-12.4%) now leading San Francisco (-11.2%) at the bottom of the league table. It’s unsurprising that the Southeast (+5.4%) remains the country’s strongest region, while the West (-6.2%) remains the weakest.”

Miami, Tampa, and Charlotte saw the biggest gains since March of last year among the 20-city composite. Before seasonal adjustment, prices rose in all 20 cities in March, versus only 12 in February. Compared to a year ago, 19 of 20 cities reported lower home prices, with only Chicago increasing at 0.4%.