Case-Shiller’s March home price index showed yet another deceleration in growth – the 12 months in a row of slowing equals the 2014 growth scare’s length but is the weakest growth since July 2012.
After February’s 20-City Composite 3.00% YoY print, expectations were for 2.55% growth in March and it surprised very modestly with a 2.68% YoY print (still the lowest in 7 years)…
Nationally, home-price gains slowed to a 3.7% pace.
“Given the broader economic picture, housing should be doing better,” David Blitzer, chairman of the S&P index committee, said in a statement.
“Measures of household debt service do not reveal any problems and consumer sentiment surveys are upbeat. The difficulty facing housing may be too-high price increases,” which continue to outpace inflation, he said.
While all 20 cities in the index showed year-over-year gains, five were below 2%: Chicago, Los Angeles, San Diego, San Francisco and Seattle, which a year ago posted a 13% increase. Las Vegas led the nation in March with an 8.2% gain, followed by Phoenix.