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Economic news
28.05.2024

U.S. home prices rise more than expected in March - S&P Dow Jones Indices

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.

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