The housing industry's bell-weather index, The Case-Shiller Home Price Index was released today and it showed a year-over-year gain of 6.79% in their key 20 Metro City Composite Index, which is the fastest appreciation rate since 2014.
Broadening out from the 20-City composite, the national home-price gauge climbed 6.5% YoY, matching February’s YoY advance that was the biggest since May 2014.
“Months-supply, which combines inventory levels and sales, is currently at 3.8 months, lower than the levels of the 1990s, before the housing boom and bust,” David Blitzer, chairman of the S&P index committee, said in a statement.
“Until inventories increase faster than sales, or the economy slows significantly, home prices are likely to continue rising.”
Source: S&P CoreLogic Case-Shiller Report