Thanks to a modest downward revision in February’s print, March’s Case-Shiller 20-City Composite Home Price Index rose at 6.79% YoY – the fastest price appreciation since June 2014.
Surpassing July 2006’s record high…
Broadening out from the 20-City composite, the national home-price gauge climbed 6.5% YoY, matching February’s YoY advance that was the biggest since May 2014.
Of course, since March, interest rates have spiked and along with them mortgage rates, plunging mortgage apps, and as property-price appreciation continues to outpace worker pay (by 3.8 times!), it is proving a disadvantage for younger or first-time buyers even as it means rising homeowner equity for others.
“Months-supply, which combines inventory levels and sales, is currently at 3.8 months, lower than the levels of the 1990s, before the housing boom and bust,” – David Blitzer, chairman of the S&P index committee, said in a statement –
“Until inventories increase faster than sales, or the economy slows significantly, home prices are likely to continue rising.”
All 20 cities in the index showed year-over-year gains, led by a 13 percent increase in Seattle, a 12.4 percent advance in Las Vegas and 11.3 percent pickup in San Francisco.