Overview
- The S&P Case‑Shiller national index rose 0.7% year over year through March, a near standstill from February and a sign the national pace of price growth has largely stalled.
- More than half of the 20 tracked metropolitan areas posted year‑over‑year declines in March, the tenth consecutive month of broadening metro weakness.
- Seattle, Denver, Tampa, Dallas, Phoenix and Los Angeles were among the weakest metros in March while Chicago, New York and Cleveland logged the strongest annual gains.
- Mortgage rates briefly fell below 6% in late February but climbed back above 6.3% by the end of March and sat around 6.5% in late May, reducing affordability even as pending contracts ticked higher and closings stayed flat.
- Inventory has risen in many markets and new construction is proving more competitive for buyers, a dynamic that could slow resale price growth and shape which metros recover first as rates and supply evolve.