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:

1. New York (16.2%)
2. Cleveland (16.13%)
3. Chicago (9.47%)

The three metro areas with the greatest home price depreciation:

1. Tampa (-2.95%)
2. Phoenix (-3.49%)
3. Denver (-7.85%)

See how home prices appreciated in other key metro areas in this Eye on Housing post.