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Home prices jump again in March amid low supply, competitive market

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U.S. home prices climbed again in March, suggesting the housing market is stabilizing amid high mortgage rates, limited inventory and steep competition.

National Association of Home Builders CEO Jerry Howard breaks down April's housing market index, which showed new home starts rose slightly.

Prices increased 0.7% nationally in the period from February to March, the S&P CoreLogic Case-Shiller index showed Tuesday. On an annual basis, prices are down just 3.6% from their peak in June 2022, according to the index. There was a major discrepancy in the price gains in the 20 cities: Miami saw a 7.7% annual gain, making it the best-performing city for the eighth straight month. Tampa, meanwhile, posted a 4.8% increase, followed by Charlotte, N.C., with an increase of 4.7%.

"Home prices continue to rise with low inventory plaguing the market, despite high mortgage rates and widespread unaffordability," said Nicole Bachaud, Zillow senior economist. "However, on an annual level, prices are still recovering from pandemic-era highs."

 

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