Housing prices in 20 major U.S. cities rose by the end of March, demonstrating the same pace as in February, which was worse than forecasts of experts. This was reported in report S&P/Case-Shiller.
The index of housing prices covering the whole country, increased in March by 5.2% yoy, which was slightly less than February’s increase of 5.3%. Meanwhile, the index of housing prices for the 10 largest cities grew by 4.7% per annum compared with +4.6 percent a month earlier. The same figure for the 20 largest cities increased by 5.4%, as in February. Analysts had expected that housing prices in 20 major cities will increase by 5.2%. After several years of volatility, housing prices increased by about 5% since the beginning of 2015, which bodes well for sellers, given the approaching season of house sales in may and June. However, this price change can create problems for home buyers, especially in the primary market.
The hottest markets in the country, mostly on the West coast, continued to show double-digit price growth. The maximum increase was recorded in Portland by 12.3% per annum. A significant increase in the cost of housing was also recorded in Seattle (+10.8% APR) and Denver (+10% per annum).
In monthly terms and with seasonally adjusted housing prices rose in March by 0.7%. The price index for 10 major cities rose 0.8 percent and the index for 20 cities rose 0.9 percent. Excluding seasonal adjustments, the national index increased 0.1% compared with February. The indicators for the 10-and 20-cities rose 0.8% and 0.9% respectively.