Steel Markets

Home Price Growth Not Deterred by Pandemic

Written by Sandy Williams

Home prices rose 4.4 percent in March compared to a year ago and 4.2 percent from February, according to the latest S&P Core Logic Case Shiller Index.

The 20-City Composite edged up 3.9 percent from 3.5 percent in February. The Composite was short one city, Detroit, due to reporting delays related to the COVID-19 pandemic.

“March’s data witnessed the first impact of the Covid-19 pandemic on the S&P CoreLogic Case-Shiller Indices,” said Craig Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “That said, housing prices continue to be remarkably stable.”

The March increases continued a trend of gently accelerating home prices that began last autumn., he added. “March results were broad-based. Prices rose in each of the 19 cities for which we have reported data, and price increases accelerated in 17 cities.”

Phoenix, Seattle and Charlotte had the highest year-over-year gains at 8.2 percent, 6.9 percent and 5.8 percent, respectively.

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