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Single-Family Home Prices Turn the Corner with Two Months of Gains
Following eight months of declines, the latest S&P CoreLogic Case-Shiller Indices showed a continuing recovery in housing prices, as all 20 major metro markets reported month-over-month price increases, up from 12 in the previous report. However, 19 of the 20 markets surveyed by S&P Dow Jones Indices recorded lower year-over-year gains for March 2023 than they had in the previous month.
“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 Craig J. Lazzara, managing director at S&P DJI. “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.”
Leading the way for Y-O-Y price increases were three Southeastern markets: Miami, Tampa and Charlotte.
- ◦Economy
