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Home Prices Rise for Second Straight Month

U.S. home prices increased for a second consecutive month in March, reflecting the sustained inventory shortage faced by buyers. This streak comes after seven consecutive months of price declines.

The S&P CoreLogic Case-Shiller U.S. National Home Price index rose 0.4% in March. The index uses data on properties that have been sold at least twice in the past so as to calculate the changes in each property’s value more accurately.

According to the index, housing values in the 20 largest metros in the U.S. showed rose by 0.5% over the last month on a seasonally adjusted basis. This is a 1.10% decrease compared to the same period last year. Analysts surveyed by Bloomberg expected to change on a monthly basis and a 1.60% decline on an annual basis.

Miami proved to be the city with the steepest price rise of 7.7%, followed by Tampa and Charlotte, where housing prices rose by 4.8% and 4.7% respectively. In contrast, Seattle experienced a price decline of 12.4%, followed by San Francisco with an 11.2% drop.

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