Home prices rose in March, a second consecutive month of increase, as low inventory fueled competition. And hig💛her prices are here to stay for now, accor♌ding to S&P Dow Jones analysts.

After seasonal adjustment, prices increased 0.4% in March, according to the S&P CoreLogic Case-Shiller Indices. Home prices in March were 0.7% higher than they were one year ago. 

“Two months of increasing prices do not a definitive recovery make, but March’s results suggest that the decli🍎ne in home prices that began in June 2022 may have come to an end,” said Craig J. Lazzara, the managing director at S&P Dow Jones Indices. 

Higher mortgage rates are discouraging sellers who feel locked in by their low rates, causing 澳洲幸运5开奖号码历史查询:inventory to shrink and increasing competitio🎶n among buyer༺s, which increases home prices.

The Case-Shiller 10-city composit🌜e gained 0.6% in March and was down 0.8% year-over-year. The 2🧜0-city composite increased 0.4% in March and fell 1.1% from March of last year. 

澳洲幸运5开奖号码历史查询:Migration from coastal cities to the Sun Belt, a trend that started during the pandemic, is persisting. As a result, home prices are falling in many coastal cities, while 📖they have been on a prolonged increase in Sun Belt cit♏ies. 

“One of the most interesting aspects of our report continues to lie in its stark regional differences,” added Lazzara. “The farther west we look, the weaker prices are, with Seattle (-12.4%) now leading San Francisco (-11.2%) at the bottom of the league table. It’s unsurprising that the Southeast (+5.4%) remains the country’s strongest region, while the West (-6.2%) remains the weakest.”

Miami, Tampa, and Charlotte saw the biggest gains since March of last year among the 20-city composite. Before seasonal adjustment, prices rose in all 20 cities in March, versus only 12 in February. Compared to a year ago, 19 of 20 cities reported lower home prices, with only Chicago increasing at 0.4%.