Over the last 12 months, home prices in the US have continued their rise across the country, according to the March 2018 results from the S&P CoreLogic Case-Shiller Indices. The S&P CoreLogic Case-Shiller US National Home Price NSA Index, covering all nine US census divisions, reported a 6.5% annual gain in March.
Seattle, Las Vegas and San Francisco continue to report the highest year-over-year gains among the 20 cities. In March, Seattle led the way with a 13.0% year-over-year price increase, followed by Las Vegas with a 12.4% increase and San Francisco with an 11.3% increase. Twelve of the 20 cities reported greater price increases in the year ending March 2018 versus the year ending February 2018.
David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said: “Looking across various national statistics on sales of new or existing homes, permits for new construction, and financing terms, two figures that stand out are the rapidly rising home prices and the low inventories of existing homes for sale.”
Blitzer continued: “Months-supply, which combines inventory levels and sales, is currently at 3.8 months, lower than the levels of the 1990s, before the housing boom and bust. Until inventories increase faster than sales, or the economy slows significantly, home prices are likely to continue rising.”