The 20-city S&P Case-Shiller home price index climbed 1.24% month-over-month in March. This was above expectations for a 0.7% MoM rise.
Meanwhile, home prices were 12.37% year-over-year, above expectations for an 11.8% YoY rise.
This compares to a revised 0.78% MoM rise in February and an unchanged 12.86% YoY rise the previous month.
"The year-over-year changes suggest that prices are rising more slowly," David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices said in a press release.
"Annual price increases for the two Composites have slowed in the last four months and 13 cities saw annual price changes moderate in March. The National Index also showed decelerating gains in the last quarter. Among those markets seeing substantial slowdowns in price gains were some of the leading boom-bust markets including Las Vegas, Los Angeles, Phoenix, San Francisco and Tampa."
Here's the trajectory of home prices:
Ian Shepherdson at Pantheon Macroeconomics has previously explained why home prices can be skewed by fluctuating foreclosure sales.
"As foreclosed homes typically sell for much less than regular private sales, a decline in the proportion of foreclosure sales will raise reported prices," he wrote back in April. "The correlation between changes in the proportion of foreclosures and the rate of increase of Case-Shiller home prices is not perfect, but it is real, as our first chart shows."
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