Today, S&P Dow Jones released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today is for March 2019, which shows home price increases are slowing across the country.
Overview: The 20-city index showed a slight 0.1% increase in March compared to February, which was a 2.7% increase vs. last year. It is the slowest pace of annual home price growth in 7 years.
The slowing rate of home price increases can be seen as positive news for the housing market as many experts say it can help buyers have a better chance with prices increasing only incrementally while owners’ equity continues to build. 4 of the 20 cities’ tracked had higher prices increases than in the previous month. Highest price gains were in cities with warm climates – Tampa, Phoenix, Las Vegas.
The only city tracked that had a minor price decline was New York City (0.1%) which was most likely due to already high prices and recent changes in tax laws which may have motivated price reductions.