Home prices continued to rise across the country in March, according to S&P/Case-Shillerhousing index.
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The 10-City Composite index of home prices increased 6.5% in March, compared to 6.4% in February, while Case-Shiller’s 20-City Composite index rose 6.8% in March, the same as in February.
Home prices have increased for 12 consecutive months, with Seattle, Las Vegas and San Francisco leading the charge. In March, home prices in Seattle increased by 13.0% year-over-year, prices in Las Vegas increased by 12.4% and in San Francisco home prices experienced a 11.3% increase.
Twelve of the 20 cities reported greater price increases in the year ending March 2018 versus the year ending February 2018.
“Looking across various national statistics on sales of new or existing homes, permits for new construction, and financing terms, two figures that stand out are rapidly rising home prices and low inventories of existing homes for sale. Months-supply, which combines inventory levels and sales, is currently at 3.8 months, lower than the levels of the 1990s, before the housing boom and bust,” David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices.
Blitzer added that until inventories increase faster than sales or the economy slows significantly, home prices will likely continue rising.