March S&P/Case-Shiller Home Price Index: National Index up 13% YoY
With today's release of the March S&P/Case-Shiller Home Price Index, we learned that seasonally adjusted home prices for the benchmark 20-city index saw a 1.6% increase month over month which is cut to 1.4% with inflation adjustment. The non-seasonally adjusted national index saw a 13.3% YoY increase.
Investing.com had forecast a 1.2% MoM seasonally adjusted increase and 12.3% YoY nonseasonally adjusted for the 20-city series.
Here is the analysis from today's Standard & Poor's press release:
NEW YORK, MAY 25, 2021: S&P Dow Jones Indices (S&P DJI) today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for March 2021 show that home prices continue to increase across the U.S. More than 27 years of history are available for the data series, and can be accessed in full by going to https://www.spglobal.com/spdji/. [Read more]
The chart below is an overlay of the Case-Shiller 10- and 20-City Composite Indexes along with the national index since 1987, the first year that the 10-City Composite was tracked. Note that the 20-City, which is probably the most closely watched of the three, dates from 2000. We've used the seasonally adjusted data for this illustration.