US home prices reached a record high in March, reflecting the housing market’s persistent affordability crisis.
The S&P CoreLogic Case-Shiller US National Home Price Index, a measure of home prices across the country, jumped 6.5% in March from a year earlier to a record high. It is the sixth time the index has reached a new record high over the past year.
The report showed that there’s strong demand for housing in urban population centers such as San Diego, New York, Cleveland and Los Angeles. The 20-city index rose in March at a slightly faster pace than in February.
“This month’s report boasts another all-time high,” said Brian Luke, head of commodities, real and digital assets, at S&P Dow Jones Indices. “We’ve witnessed records repeatedly break in both stock and housing markets over the past year.”
In addition to unrelentingly high home prices, the housing market is also grappling with a chronic lack of homes on the market and elevated mortgage rates. Put together, it has resulted in a tough housing market, especially first-time buyers.
This story is developing and will be updated.
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