Every city in the S&P/Case-Shiller 20-City Index experienced an increase in the value of its homes both for the month of March and for its 12-month change. Nationally, home prices rose 0.9 percent in March and prices for the 20-city index were 5.4 percent higher than a year ago, MarketWatch reports. These totals are higher than the projected 0.7 percent increase for the month and the 5.1 percent gain for the year.
With the current number of homes currently on the market amounting to less than 2 percent of the number of households in the U.S., the lowest since the mid 1980s, tight inventory has been the driving force behind the greater-than-expected price gains.
On a city-by-city basis, the places with the largest increases, for both the month and the year, were located in the Pacific Northwest. Portland had the biggest 12-month increase at 12.3 percent followed by Seattle at 10.8 percent. Denver was third with a one-year increase of 10 percent. Seattle experienced the largest monthly change at 2.4 percent and was closely followed by San Francisco at 2.3 percent.
Although still positive, Chicago and Washington, D.C., saw the smallest one-year increases at 1.9 percent and 1.5 percent respectively. New York City and Cleveland had the lowest monthly changes at 0 percent and 0.1 percent.
For a look at the full 20 City Index, click the link below.