Even Miami lost ground. Spring selling season is a dud so far. And the banking crisis hasn’t even made it into the data yet. That’s still to come.
Spring selling season is here, but so far, it’s a dud. In some markets, home prices fell from the prior month, despite spring selling season: Miami, Seattle, Las Vegas, Portland, New York City, Dallas, for example.
In other markets, prices ticked up from the prior month, but a lot less than a year ago, and so year-over-year, even in those markets, home prices either fell further, or the year-over-year gain was further reduced. This is based on today’s release of the S&P CoreLogic Case-Shiller Home Price Index today.
For example, in the San Diego metro, house prices rose 1.5% from the prior month, but because that increase was a lot less than the increase in the same month last year, the year-over-year decline worsened to -4.1%, from -1.3% last month. San Diego’s year-over-year percentage change illustrates the principle of how the housing market is still worsening even with a seasonal uptick because that uptick was less than in the same period a year ago: