S&P Dow
Jones Indices (S&P DJI) announced on Tuesday its Case-Shiller Home Price
Index, which tracks home prices in 20 U.S. metropolitan areas, showed a 7.4 per
cent y-o-y surge in March, following an unrevised 7.3 per cent y-o-y increase in February. This marked the largest annual gain in house
prices since October 2022 (+8.8 per cent).
Economists had expected
an increase of 7.3 per cent y-o-y.
According to
the report, all 20 cities recorded y-o-y gains in prices in March, led by San Diego (+11.1 per cent y-o-y),
New York (+9.2 per cent y-o-y), and Cleveland (+8.8 per cent y-o-y).
The
S&P/Case-Shiller U.S. National Home Price Index, which measures all nine
U.S. census divisions, soared 6.5 per cent y-o-y in March, following an upwardly
revised 6.5 per cent y-o-y jump (from +6.4 per cent y-o-y) in the previous
month.
On a m-o-m
basis, the U.S. National Index climbed 1.3 per cent, and the 20-City Composite leapt
1.6 per cent.