Home Price Growth Slows in March
The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI) increased at a seasonally adjusted annual rate of 3.65% for March, following a 6.42% gain in February. On a year-over-year basis, the HPI posted a 6.49% annual gain in March, following a 6.53% increase in February.
The Home Price Index released by the Federal Housing Finance Agency (FHFA) rose at a seasonally adjusted annual rate of 1.2% for March, falling from a 16.07% rate in February. On a year-over-year basis, the index rose 6.75% in March, down from 7.11% in the previous month.
The S&P Dow Jones Indices also reported home price indexes across 20 metro areas in March on a seasonally adjusted basis, with a national average of 3.65%.
The three metro areas with greatest home price appreciation:
- New York (16.2%)
- Cleveland (16.13%)
- Chicago (9.47%)
The three metro areas with the greatest home price depreciation:
- Tampa (-2.95%)
- Phoenix (-3.49%)
- Denver (-7.85%)
See how home prices appreciated in other key metro areas in this Eye on Housing post.
Latest from NAHBNow
May 01, 2025
Podcast: As GDP Contracts, NAHB Fights NIMBYs and an Exec OrderOn the latest episode of NAHB’s podcast, Housing Developments, CEO Jim Tobin and COO Paul Lopez discuss economic policies and performance, NAHB advocacy and how an upcoming Supreme Court case may affect NAHB’s legal advocacy efforts.
May 01, 2025
Remodeling Market Poised for Growth as the Age of Owner-Occupied Homes IncreasesTo kick off National Home Remodeling Month in May, which promotes the benefits of hiring a professional remodeler and is sponsored by Westlake Royal Building Products, NAHB has highlighted recent data from the American Community Survey that shows almost half of the owner-occupied homes in the U.S. were built before 1980 and have a median age of 41 years. The aging housing stock, combined with insufficient new home inventory, indicates the remodeling market is poised for future growth.
Latest Economic News
May 01, 2025
Housing’s Share of the Economy Grows Higher to Start the YearHousing’s share of the economy grew to 16.4% in the first quarter of 2025, according to the advance estimate of GDP produced by the Bureau of Economic Analysis. This is the highest reading since the third quarter of 2022 and is up 0.2 percentage points from the fourth quarter of 2024.
Apr 30, 2025
U.S. Economy Contracted in First Quarter of 2025The U.S. economy contracted in the first quarter of 2025 for the first time in three years, driven by a sharp surge in pre-tariff imports, softening consumer spending, and a decline in government spending.
Apr 30, 2025
House Sharing is Not Just for Young AdultsA record-high 6.8 million households shared their housing with unrelated housemates, roommates or boarders in 2023. While college-age and young adults make up the largest subset of house sharers (close to 41%), this type of living arrangement is gaining popularity among older householders fastest, with the 55+ segment accounting for 30% of all house-sharing households in 2023.