US Home Price Gains Quickened in March as Sales Plunged
FILE PHOTO: Patrons eat at Pere Antoine Restaurant after restrictions were eased from two months under the coronavirus disease (COVID-19) lockdown, including allowing for 25% of permitted occupancy in stores and restaurants, in New Orleans, Louisiana, U.S., May 16, 2020. REUTERS/Kathleen Flynn/File Photo
The S&P CoreLogic Case-Shiller 20-city home price index rose 3.9% in March, the largest gain in more than a year, up from 3.5% in February.
US home prices accelerated in March even though sales plummeted as those Americans still buying bid for a sharply diminished supply of homes.
The S&P CoreLogic Case-Shiller 20-city home price index rose 3.9% in March, the largest gain in more than a year, up from 3.5% in February.
Home sales fell 8.5% in March before plummeting 17.8% in April, according to the National Association of Realtors, as the viral outbreak and business shutdowns caused a flood of layoffs and restricted economic activity.
But the number of homes for sale also plunged in March, falling more than 10%, pushing up prices.
Phoenix, Seattle and Charlotte posted the largest yearly gains among the 19 cities that reported data.
S&P said the March data does not include prices for Detroit, because the coronavirus disrupted the availability of sales data from Wayne County, the largest county in the Detroit metro area.
LIVE TV
