Wells Fargo Reports: National Home Prices Edge Higher in March

Home prices continue to rise fastest in parts of the country where the technology sector is booming and the supply of homes available for sale is constrained. The 20-city index is currently up 5.9 percent year-to-year.

U.S. Home Prices Continue to Rise

  • The S&P CoreLogic Case-Shiller National Home Price Index rose 5.8 percent over the past 12 months and the 20-City and 10-City indices rose 5.9 percent and 5.2 percent, respectively.
  • While there is some regional variance, all 20 cities have registered home price gains over the past year. Seattle and Portland continue to lead, with prices rising 12.3 percent and 9.2 percent year-to-year, respectively.

Consumers Report “Good Time to Sell a House”

  • Even in metro areas where home prices are rising modestly, prices are outpacing incomes. The share of consumers stating now is good time to sell a house has risen above the share reporting it is a good time to buy for the past two months, according to the University of Michigan consumer sentiment survey. This may presage an increase in the number of homes on the market, which would be a welcomed development.