She cited the persistent mismatch between housing supply and demand as a key driver, noting “the surging cost of homeownership, further fueled by rising insurance and tax expenses, is holding potential home sales back, as is evident in the slow rise in sales compared with last year.”
Detached properties saw stronger price appreciation of 5.7% year-over-year in March, outpacing attached homes at 4.1%.
Among major metro areas, Miami led the nation with a 10.6% annual increase, followed by San Diego at 9.4%. No states posted year-over-year home price declines.
CoreLogic explained that states where some Americans migrated to escape the brunt of the pandemic are now the furthest from their price peaks, led by Idaho, Washington and Utah.
The Northeast continued posting the largest overall gains as Americans migrated to suburban communities near major job hubs. New Jersey ranked highest for state-level appreciation at 12.2%.
