US Home Prices Surged In March, But...

Home prices in the top 20 cities in America rose at a stunning 3.92% YoY in March (according to the admittedly lagged latest data from S&P Case-Shiller). This is the fastest acceleration in home prices since Dec 2018.

Overall home prices rose at 4.35% YoY with Phoenix, Seattle, Charlotte reported highest year-over-year gains among 19 cities surveyed.

That prices are continuing to rise may provide solace for some but we note that S&P CoreLogic removed the data for Detroit for virus-related reasons... which is likely to dramatically skew the data.