US Home Prices Soar to Record Highs Amid Scarcity

U.S. home prices reached an all-time high in March 2024, with the S&P CoreLogic Case-Shiller 20-city home price index rising by 7.4% year-on-year, marking the highest increase since October 2022. San Diego led with an 11.1% annual gain, while New York and Cleveland followed. The national index saw a 6.5% annual gain, and all metropolitan areas recorded positive monthly growth. The robust housing market performance was highlighted by significant gains in major cities, although some areas like San Francisco and Seattle have not fully recovered from previous peaks.