Home prices continued to rise in March but at a slower pace in many markets, according to the latest S&P/Case-Shiller Home Price Indices.
The Case-Shiller 20-city Composite showed prices rising 0.9 percent from February to March, and 12.6 percent from a year ago, with 19 of 20 cities tracked registering monthly gains.
“Substantial slowdowns” in price gains were seen in several boom-bust markets including Las Vegas, Los Angeles, Phoenix, San Francisco and Tampa. Home prices in Denver and Dallas hit new post-crisis highs.
“The year-over-year changes suggest that prices are rising more slowly,” said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices, in a statement. “Annual price increases for the two composites have slowed in the last four months, and 13 cities saw annual price changes moderate in March.”