After eight months of declines, the latest S&P CoreLogic Case-Shiller Indices revealed a continuing recovery in single-family home prices as all 20 major metropolitan markets reported month-over-month price increases, up from 12 in the previous report. However, 19 out of 20 surveyed by S&P Dow Jones Indices recorded lower year-over-year gains for March 2023 than they had in February.
Craig J. Lazzara, managing director at S&P DJI commented: “Two months of increasing prices do not constitute a definitive recovery; however March’s results suggest that the decline in home prices which began June 2022 may have come to an end.” He further noted that current mortgage rates and potential economic weakness are likely to remain headwinds for housing prices over the next several months.
Leading YOY price increases were three southeastern markets: Miami, Tampa and Charlotte.
