According to the S&P CoreLogic Case-Shiller Indices, home prices in March were 0.7% higher than the same month in 2022. After seasonal adjustment, national home prices increased by 0.4% in March compared to February. The 10-city composite rose by 0.6% and the 20-city composite gained 0.5%.

The housing market is seeing a rise in home prices due to intense competition and low supply.

According to the S&P CoreLogic Case-Shiller Indices, national home prices in March were 0.7% higher than the previous year. In a statement, Craig J. Lazzara, managing director at S&P DJI, said that "the modest increases in home prices we saw a month ago accelerated in March 2023." He added that while it's not definitive, the results suggest that the decline in home prices since June 2022 may have ended.

The 10-city composite, which includes Los Angeles and New York, fell by 0.8% year-over-year, compared to a 0.5% increase in the previous month. Meanwhile, the 20-city composite, which includes Dallas-Fort Worth and the Detroit area, declined by 1.1%, down from a 0.4% annual gain in the prior month.

However, home prices are increasing on a monthly basis. After seasonal adjustment, national prices rose by 0.4% in March compared to February. The 10-city composite rose by 0.6% and the 20-city composite gained 0.5%.

Lazzara also noted that the price acceleration was apparent at a more granular level with all 20 cities reporting rising prices before seasonal adjustments. Miami, Tampa, Florida, and Charlotte, North Carolina, saw the highest year-over-year gains among the 20 cities in March.

According to Lazzara, one of the most significant aspects of the report is its stark regional differences. The Southeast remains the country's strongest region with a 5.4% increase in home prices while the West sees the weakest prices with Seattle (-12.4%) now leading San Francisco (-11.2%).