U.S. home prices continued to surge in March, rising 1.5% on an adjusted basis compared with February and jumping a whopping 13.2% compared with March 2020, according to the S&P CoreLogic Case-Shiller home price index.
Lack of inventory coupled with pent-up demand for homes – plus low mortgage rates – has resulted in home price appreciation surging to new historical highs. March’s year-over-year gain in home prices had not been exceeded since December 2005,