Home Price Declines May Be Over, S&P Case-Shiller Says  

• Steep competition in the housing market and low supply are heating up home prices again. Nationally, home prices in March were 0.7% higher than in March 2022, the S&P CoreLogic Case-Shiller Indices said Tuesday.
• “The modest increases in home prices we saw a month ago accelerated in March 2023,” said Craig J. Lazzara, managing director at S&P DJI in a release. “Two months of increasing prices do not define a recovery, but March’s results suggest that the decline in home prices that began in June 2022 may have come to an end.”
• Home prices are rising again month to month, however. After seasonal adjustment, prices increased nationally by 0.4% in March compared with February. The 10-city composite gained 0.6% and the 20-city composite rose 0.5%.
• Lazzara also noted that the price acceleration nationally was also apparent at a more granular level. Before seasonal adjustment, prices rose in all 20 cities in March (versus 12 in February), and in all 20, price gains accelerated between February and March.

(Source: CNBC)