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Home Price Gains Slow in California, Nationally for 12th Straight Month
The latest research by S&P Dow Jones Indices shows that the rate of home price increases across the U.S. has continued to slow. The S&P CoreLogic Case-Shiller Indices’ U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 3.7% annual gain in March, down from 3.9% in the previous month.
The 10-City Composite annual increase came in at 2.3%, down from 2.5% in the previous month. The 20-City Composite posted a 2.7% year-over-year gain, down from 3% in the previous month.
The March deceleration marks the 12th straight month of declines, and the slowest it has been since August 2012. That suggests to some that listing prices are out of the reach of many would-be buyers.
“Home price gains continue to slow,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “The patterns seen in the last year or more continue: year-over-year price gains in most cities are consistently shrinking. Double-digit annual gains have vanished.”
Five cities in the index recorded levels below 2%, including Los Angeles, San Diego, San Francisco, Chicago and Seattle, which a year ago posted a 13% increase.
Nationally, Las Vegas, Phoenix and Tampa reported the highest year-over-year gains among the 20 cities. In March, Las Vegas led the way with an 8.2% year-over-year price increase, followed by Phoenix with a 6.1% increase, and Tampa with a 5.3% increase. Four of the 20 cities reported greater price increases in the year ending March 2019, versus the year ending February 2019.
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