US Home Price Gains Ease Further in March
The S&P Cotality Case-Shiller 20-City Home Price Index rose just 0.8% year-over-year in March 2026, easing from 0.9% in February and falling short of market expectations for a 1.0% increase. It was the weakest annual increase since July 2023, adding to evidence of a cooling US housing market. For the tenth straight month, inflation outpaced home price growth, continuing to erode inflation-adjusted housing wealth. Regional divergence also persisted, with Midwest and Northeast cities outperforming while many Sun Belt and Western markets remained under pressure. Chicago led annual price gains with a 6.1% increase, followed by New York at 4.0% and Cleveland at 3.0%. On the downside, Seattle recorded the steepest annual decline at –2.5%. Other weak performers included Denver (–2.0%), Tampa (–1.9%), Dallas (–1.7%), and Phoenix (–1.6%). Even traditionally resilient markets such as Los Angeles (–1.6%) and Washington (–0.1%) slipped into negative territory.
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