Home prices rose 6.5% on an annual basis in March, not seasonally adjusted, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, released Tuesday.
In February, the index rose 6.5% on an annualized basis.
The 10-city composite index grew 6.5% year-over-year, up from 6.4% in the prior month, while the 20-city index grew 6.8% year-over-year, unchanged from 6.8% in February.
Seasonally adjusted month-over-month, the national index rose 0.4% in March, the 20-city composite grew 0.4%, and the 10-city composite increased 0.5%. Before adjustment the national index was up 0.8% in the month, while the 10- and 20-city composites gained 0.9% and 1.0%, respectively.
Economists polled by IFR Markets expected a 0.7% rise month-over-month and 6.4% year-over-year.
“Seattle, Las Vegas, and San Francisco continue to report the highest year-over-year gains among the 20 cities, with year-over-year price increases of 13.0%, 12.4% and 11.3%, respectively,” according to a release.
Twelve cities saw larger price increases for the year ending March than in February.
“Year-over-year prices measured by the National index have increased continuously for the past 70 months, since May 2012,” David M. Blitzer, managing director & chairman of the index committee at S&P Dow Jones Indices, said in a release. “Over that time, the price increases averaged 6% per year. This run, which is still ongoing, compares to the previous long run from January 1992 to February 2007, 182 months, when prices averaged 6.1% annually. With expectations for continued economic growth and further employment gains, the current run of rising prices is likely to continue.”