Home-price growth in 20 main U.S. cities picked up tempo in March, pressuring buyers because the key promoting season kicks into gear.
Prices in a measure of 20 cities elevated 7.4% from a yr earlier, bigger than the 7.3% annual acquire in February, an S&P CoreLogic Case-Shiller index exhibits.
Homebuyers are going through a extreme affordability disaster made worse by mortgage charges hovering round 7% and value growth that is solely accelerating. At the center of the issue is the dearth of beforehand owned properties on the market: Few homeowners are prepared to maneuver if it means letting go of a mortgage locked in when charges have been low cost. While listings have elevated in latest months, stock nonetheless stays traditionally tight.
San Diego posted the most important annual acquire among the many 20 cities, adopted by New York and Cleveland. The Northeast is the “high performer,” in keeping with Brian Luke, head of commodities, actual and digital property at S&P Dow Jones Indices.
“COVID was a boon for Sunbelt markets, however the larger beneficial properties the final couple of years have been the northern metro cities,” Luke stated in a press release.
