U.S. home price index rises in March, prices to continue to appreciate modestly in 2018

The U.S. home price appreciation continues to be on a strong footing in March. The S&P CoreLogic Case-Shiller 20-city Home Price Index rose 0.53 percent, as compared with consensus expectations of 0.75 percent. However, the annual pace of price appreciation remained stable at 6.8 percent, and the three-month annualized growth rate was just slightly lower, at 9.1 percent.

Delving into the details, 19 out of 20 cities covered in the report saw increases in home prices on the month, hinting at widespread momentum, noted Barclays in a research report. The only city to record a fall was Cleveland, where prices dropped 0.2 percent on the month. Home prices have gained momentum in recent months, driven partially by the tight inventory situation and partially by healthy demand.

“We expect prices to continue to appreciate modestly for the rest of the year”, stated Barclays.

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