One of the major home price indices showed a continued increase in national home prices in March and less waffling in some local markets. A second index, the Federal Housing Finance Agency’s (FHFA’) Housing Price Index (HPI) lengthened its string of quarterly price gains that stretches back to the first quarter of 2012. The S&P CoreLogic Case-Shiller U.S. National Home Price Index which covers all nine U.S. census divisions, reported a 0.7 percent annual gain in March, down from 2.1 percent in the previous month. On a monthly basis, that index rose 1.3 percent on a non-seasonally adjusted (NSA) basis and 0.4 percent after (SA) adjustment. Selma Hepp. CoreLogic Chief Economist credited the 0.7 percent annual increase in the National Index to the spring home buying season and a stronger return to the market of buyers than sellers. “[This] created another competitive market environment and one in which the very meager inventory of existing homes is putting buyers in a position of having to pay over the asking price and as a result driving early spring price gains well beyond what is traditionally seen during this period. But, monthly gains, up 1.3 percent from February, are almost double the increase seen between the two months and suggest housing market competition heated up again in early spring.” The 10-City Composite Index fell 0.8 percent after an annual increase of 0.5 percent in February but posted monthly gains of 1.6 percent NSA and 0.5 percent SA. The 20-City Composite dipped 1.1 percent compared to March 2022 while rising 1.5 percent and 0.5 percent for the month on NSA and SA bases, respectively.
