Home price gains quickened in March as sales plunged
S&P CoreLogic Case-Shiller 20-city home price index rose 3.9% in March, the largest gain in more than a year
Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
WASHINGTON (AP) — U.S. 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.
IS THE CORONAVIRUS PANDEMIC A GOOD TIME TO BUY A HOME?
But the number of homes for sale also plunged in March, falling more than 10%, pushing up prices.
FILE - This June 13, 2019, photo shows a house with a "sold pending" sign fixed on the realtor's sign in northeast Jackson, Miss. (AP Photo/Rogelio V. Solis, File)
5 WAYS TO SAVE MONEY ON YOUR MORTGAGE DURING CORONAVIRUS
Phoenix, Seattle and Charlotte posted the largest yearly gains among the 19 cities that reported data. S&P said that 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.