The January S&P CoreLogic Case-Shiller Index showed home price growth at 3.9 percent prior to the coronavirus pandemic.
“During the next two months, home price gains will likely continue to outpace inflation for Case-Shiller Index values seen through March,” says Frank Nothaft, chief economist at CoreLogic. “This is likely because most sales that settle during March are based on sales contracts signed in January and February, prior to the pandemic’s effect on the U.S. economy.”
In the 20-City Index, Phoenix led the nation in price growth, jumping 6.9 percent year-over-year. Seattle, Tampa and San Diego followed with prices growing 5.1 percent.
“COVID-19 continues to place a cloud over the housing market as it enters the spring buying season,” said Nothaft. “Home sales will likely be much lower than had been previously expected, as prospective buyers and potential sellers shelter-in-place in many urban centers. Substantive effects on the Case-Shiller Index are unlikely to be seen through the March index (to be released May 26, 2020).”
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