U.S. home prices surged to a new peak in March 2024, recording the highest annual growth rate in over a year.
The S&P CoreLogic Case-Shiller 20-city home price index — a key gauge to track the home prices of typical single-family units in the U.S. — increased by 7.4% year-on-year, notching the highest rise since October 2022 and surpassing market expectations of 7.3%.
This marked the ninth consecutive month of rising home prices.
The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which encompasses all nine U.S. census divisions, recorded a 6.5% annual gain in March, matching the increase from the previous month.
The 10-City Composite saw an annual increase of 8.2%, up from 8.1% in February.
Notably, all metropolitan areas recorded a positive monthly growth in March. Among the 20 cities tracked:
San Diego reported the highest year-over-year gain with an 11.1% increase in March.
New York and Cleveland followed with increases of 9.2% and 8.8%, respectively.
Denver maintained the lowest rank for year-over-year growth but reported a steady 2.1% annual increase for the third consecutive month.
Analysis Of Current Home Prices ...Full story available on Benzinga.com
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