ToucanStudios/E+ via Getty Images By Jennifer Nash Home prices fell for the first time in eight months in March, according to the S&P Cotality Case-Shiller Index, as the housing slowdown intensifies. On a seasonally adjusted basis, the national index dropped 0.2% month-over-month and was up 0.7% year-over-year, the 14th straight month of slowing price growth and the lowest level since June 2023. A...
ToucanStudios/E+ via Getty Images By Jennifer Nash Home prices fell for the first time in eight months in March, according to the S&P Cotality Case-Shiller Index, as the housing slowdown intensifies. On a seasonally adjusted basis, the national index dropped 0.2% month-over-month and was up 0.7% year-over-year, the 14th straight month of slowing price growth and the lowest level since June 2023. After adjusting for inflation, the monthly change fell to -0.5%, and the annual change fell to -2.4%. The S&P Case-Shiller benchmark 20-City composite aims to measure the value of residential real estate in the following 20 major U.S. cities: Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington, D.C. The benchmark 20-city index fell for a second straight month in March. The seasonally adjusted home prices for the 20-city index were down 0.2% month-over-month and saw a 0.8% increase year-over-year, the smallest annual change since July 2023. After adjusting for inflation, the monthly change was reduced to -0.4% and the annual change fell to -2.2%. The S&P Case-Shiller benchmark 10-City composite, a subset of the 20-city index, aims to measure the change in value of residential real estate in the following 10 major U.S. cities: Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington, D.C. The benchmark 10-city index fell for the first time in eight months in March. The seasonally adjusted home prices for the 10-city index were essentially flat month-over-month and saw a 1.4% increase year-over-year, the smallest annual change since July 2023. After adjusting for inflation, the monthly change was reduced to -0.3% and the annual change fell to -1.6%. Here is the analysis from today's Standard & Poor's press release : ANALYSIS "More than half of the 20 major U.S. housing markets rec...