{"id":77826,"date":"2024-04-23T05:00:45","date_gmt":"2024-04-23T12:00:45","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77826"},"modified":"2024-04-22T16:02:02","modified_gmt":"2024-04-22T23:02:02","slug":"redfin-home-price-index-march-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/redfin-home-price-index-march-2024\/","title":{"rendered":"Redfin Home Price Index: Price Growth Stabilizes in March, With Prices Up 0.6% From a Month Earlier"},"content":{"rendered":"<p><strong><i>Price growth is leveling off as elevated mortgage rates strain buyer budgets, but prices are still at historic highs because there aren\u2019t enough homes for sale.<\/i><\/strong><\/p>\n<p><span style=\"font-weight: 400;\">U.S. home prices climbed 0.6% from a month earlier on a seasonally-adjusted basis in March, matching February\u2019s 0.6% month-over-month gain. On a year-over-year basis, prices rose 7.3%, also little changed from the prior month\u2019s 7% annual increase.<\/span><\/p>\n<div id=\"viz1713826530626\" class=\"tableauPlaceholder\" style=\"position: relative;\"><noscript><a href='https:&#47;&#47;www.redfin.com&#47;'><img alt=' ' src='https:&#47;&#47;public.tableau.com&#47;static&#47;images&#47;Re&#47;RedfinHomePriceIndex&#47;RepeatSaleIndices&#47;1_rss.png' style='border: none' \/><\/a><\/noscript><object class=\"tableauViz\" style=\"display: none;\" width=\"300\" height=\"150\"><param name=\"host_url\" value=\"https%3A%2F%2Fpublic.tableau.com%2F\" \/><param name=\"embed_code_version\" value=\"3\" \/><param name=\"site_root\" value=\"\" \/><param name=\"name\" value=\"RedfinHomePriceIndex\/RepeatSaleIndices\" \/><param name=\"tabs\" value=\"yes\" \/><param name=\"toolbar\" value=\"yes\" \/><param name=\"static_image\" value=\"https:\/\/public.tableau.com\/static\/images\/Re\/RedfinHomePriceIndex\/RepeatSaleIndices\/1.png\" \/><param name=\"animate_transition\" value=\"yes\" \/><param name=\"display_static_image\" value=\"yes\" \/><param name=\"display_spinner\" value=\"yes\" \/><param name=\"display_overlay\" value=\"yes\" \/><param name=\"display_count\" value=\"yes\" \/><param name=\"language\" value=\"en-US\" \/><\/object><\/div>\n<p><script type='text\/javascript'>                    var divElement = document.getElementById('viz1713826530626');                    var vizElement = divElement.getElementsByTagName('object')[0];                    if ( divElement.offsetWidth > 800 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else if ( divElement.offsetWidth > 500 ) { vizElement.style.width='1000px';vizElement.style.height='850px';} else { vizElement.style.width='100%';vizElement.style.height='1500px';}                     var scriptElement = document.createElement('script');                    scriptElement.src = 'https:\/\/public.tableau.com\/javascripts\/api\/viz_v1.js';                    vizElement.parentNode.insertBefore(scriptElement, vizElement);                <\/script><\/p>\n<p><span style=\"font-weight: 400;\">This is according to the Redfin Home Price Index (RHPI), which uses the repeat-sales pricing <\/span><a href=\"https:\/\/www.investopedia.com\/terms\/r\/repeatsales-method.asp#:~:text=The%20repeat%2Dsales%20method%20assesses,in%20homes%20with%20varying%20characteristics.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">method<\/span><\/a><span style=\"font-weight: 400;\"> to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold. It\u2019s similar to the S&amp;P CoreLogic Case-Shiller Home Price Indices but publishes more than one month earlier. March data covers the three months ending March 31, 2024. Read the full RHPI methodology <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-home-price-index\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cElevated mortgage rates are putting a cap on home price growth. Sellers can\u2019t jack up prices like they did during the pandemic because buyer budgets are already constrained by 7% interest <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">rates<\/span><\/a><span style=\"font-weight: 400;\">,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Sheharyar Bokhari<\/span><\/a><span style=\"font-weight: 400;\">. \u201cBut while price <\/span><i><span style=\"font-weight: 400;\">growth<\/span><\/i><span style=\"font-weight: 400;\"> is leveling off, prices remain at historic highs. That\u2019s because a shortage of homes for sale\u2014largely driven by the mortgage-rate lock-in effect\u2014is buoying prices.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Price growth may continue to stagnate in the coming months as mortgage rates stay high. The Federal Reserve recently <\/span><a href=\"https:\/\/www.pbs.org\/newshour\/politics\/elevated-inflation-will-likely-delay-interest-rate-cuts-this-year-warns-federal-reserve-chair-powell\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">warned<\/span><\/a><span style=\"font-weight: 400;\"> that elevated inflation will probably delay the interest-rate cuts they had been planning this year.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Prices Fell in the Bay Area, Texas and Florida<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Home prices fell from a month earlier in nine of the 50 most populous U.S. metropolitan areas: San Jose, CA (-1%), San Antonio (-0.8%), Fort Worth, TX (-0.6%), San Francisco (-0.5%), Fort Lauderdale, FL (-0.5%), Charlotte, NC (-0.5%), Orlando, FL (-0.3%), Indianapolis (-0.3%) and Minneapolis (-0.1%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Prices rose most in Providence, RI (3.2%), Montgomery County, PA (2.5%), Nassau County, NY (2.4%), Milwaukee (1.7%) and Anaheim, CA (1.7%).<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Metro-Level Summary: Redfin Home Price Index, March 2024<\/span><\/h3>\n<p><i><span style=\"font-weight: 400;\">The table below includes the 50 most populous U.S. metro areas.<\/span><\/i><\/p>\n\n<table id=\"tablepress-401\" class=\"tablepress tablepress-id-401\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>U.S. metro area<\/strong><\/th><th class=\"column-2\"><strong>Month-over-month change<\/strong><\/th><th class=\"column-3\"><strong>Year-over-year change<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Anaheim, CA<\/td><td class=\"column-2\">1.7%<\/td><td class=\"column-3\">11.6%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Atlanta, GA<\/td><td class=\"column-2\">0.3%<\/td><td class=\"column-3\">6.6%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Austin, TX<\/td><td class=\"column-2\">0.8%<\/td><td class=\"column-3\">-2.3%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Baltimore, MD<\/td><td class=\"column-2\">0.2%<\/td><td class=\"column-3\">8.8%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Boston, MA<\/td><td class=\"column-2\">0.9%<\/td><td class=\"column-3\">11.9%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Charlotte, NC<\/td><td class=\"column-2\">-0.5%<\/td><td class=\"column-3\">7.5%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Chicago, IL<\/td><td class=\"column-2\">0.1%<\/td><td class=\"column-3\">8.6%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Cincinnati, OH<\/td><td class=\"column-2\">1.1%<\/td><td class=\"column-3\">10.6%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Cleveland, OH<\/td><td class=\"column-2\">1.4%<\/td><td class=\"column-3\">12.7%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Columbus, OH<\/td><td class=\"column-2\">1.3%<\/td><td class=\"column-3\">10.2%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Dallas, TX<\/td><td class=\"column-2\">0.2%<\/td><td class=\"column-3\">4.4%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Denver, CO<\/td><td class=\"column-2\">0.7%<\/td><td class=\"column-3\">5.6%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Detroit, MI<\/td><td class=\"column-2\">0.5%<\/td><td class=\"column-3\">13.1%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Fort Lauderdale, FL<\/td><td class=\"column-2\">-0.5%<\/td><td class=\"column-3\">8.5%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Fort Worth, TX<\/td><td class=\"column-2\">-0.6%<\/td><td class=\"column-3\">2.8%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Houston, TX<\/td><td class=\"column-2\">0.4%<\/td><td class=\"column-3\">2.7%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Indianapolis, IN<\/td><td class=\"column-2\">-0.3%<\/td><td class=\"column-3\">6.8%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Jacksonville, FL<\/td><td class=\"column-2\">0.4%<\/td><td class=\"column-3\">3.6%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">Kansas City, MO<\/td><td class=\"column-2\">1.0%<\/td><td class=\"column-3\">9.2%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Las Vegas, NV<\/td><td class=\"column-2\">0.5%<\/td><td class=\"column-3\">8.3%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Los Angeles, CA<\/td><td class=\"column-2\">1.2%<\/td><td class=\"column-3\">8.9%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Miami, FL<\/td><td class=\"column-2\">1.2%<\/td><td class=\"column-3\">11.7%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Milwaukee, WI<\/td><td class=\"column-2\">1.7%<\/td><td class=\"column-3\">10.5%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Minneapolis, MN<\/td><td class=\"column-2\">-0.1%<\/td><td class=\"column-3\">2.0%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">Montgomery County, PA<\/td><td class=\"column-2\">2.5%<\/td><td class=\"column-3\">9.5%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Nashville, TN<\/td><td class=\"column-2\">0.9%<\/td><td class=\"column-3\">7.6%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">Nassau County, NY<\/td><td class=\"column-2\">2.4%<\/td><td class=\"column-3\">13.5%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">New Brunswick, NJ<\/td><td class=\"column-2\">1.5%<\/td><td class=\"column-3\">12.9%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">New York, NY<\/td><td class=\"column-2\">1.4%<\/td><td class=\"column-3\">14.1%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Newark, NJ<\/td><td class=\"column-2\">1.6%<\/td><td class=\"column-3\">17.5%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Oakland, CA<\/td><td class=\"column-2\">1.2%<\/td><td class=\"column-3\">7.6%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Orlando, FL<\/td><td class=\"column-2\">-0.3%<\/td><td class=\"column-3\">4.4%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Philadelphia, PA<\/td><td class=\"column-2\">1.6%<\/td><td class=\"column-3\">13.0%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">Phoenix, AZ<\/td><td class=\"column-2\">0.0%<\/td><td class=\"column-3\">5.0%<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Pittsburgh, PA<\/td><td class=\"column-2\">1.0%<\/td><td class=\"column-3\">11.4%<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">Portland, OR<\/td><td class=\"column-2\">0.7%<\/td><td class=\"column-3\">1.4%<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">Providence, RI<\/td><td class=\"column-2\">3.2%<\/td><td class=\"column-3\">14.9%<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">Riverside, CA<\/td><td class=\"column-2\">0.6%<\/td><td class=\"column-3\">3.6%<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">Sacramento, CA<\/td><td class=\"column-2\">1.2%<\/td><td class=\"column-3\">5.1%<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">San Antonio, TX<\/td><td class=\"column-2\">-0.8%<\/td><td class=\"column-3\">0.2%<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">San Diego, CA<\/td><td class=\"column-2\">0.4%<\/td><td class=\"column-3\">9.9%<\/td>\n<\/tr>\n<tr class=\"row-43\">\n\t<td class=\"column-1\">San Francisco, CA<\/td><td class=\"column-2\">-0.5%<\/td><td class=\"column-3\">1.7%<\/td>\n<\/tr>\n<tr class=\"row-44\">\n\t<td class=\"column-1\">San Jose, CA<\/td><td class=\"column-2\">-1.0%<\/td><td class=\"column-3\">14.8%<\/td>\n<\/tr>\n<tr class=\"row-45\">\n\t<td class=\"column-1\">Seattle, WA<\/td><td class=\"column-2\">0.5%<\/td><td class=\"column-3\">9.4%<\/td>\n<\/tr>\n<tr class=\"row-46\">\n\t<td class=\"column-1\">St. Louis, MO<\/td><td class=\"column-2\">0.8%<\/td><td class=\"column-3\">8.6%<\/td>\n<\/tr>\n<tr class=\"row-47\">\n\t<td class=\"column-1\">Tampa, FL<\/td><td class=\"column-2\">0.2%<\/td><td class=\"column-3\">2.5%<\/td>\n<\/tr>\n<tr class=\"row-48\">\n\t<td class=\"column-1\">Virginia Beach, VA<\/td><td class=\"column-2\">0.6%<\/td><td class=\"column-3\">7.0%<\/td>\n<\/tr>\n<tr class=\"row-49\">\n\t<td class=\"column-1\">Warren, MI<\/td><td class=\"column-2\">0.7%<\/td><td class=\"column-3\">10.5%<\/td>\n<\/tr>\n<tr class=\"row-50\">\n\t<td class=\"column-1\">Washington, D.C.<\/td><td class=\"column-2\">0.3%<\/td><td class=\"column-3\">7.2%<\/td>\n<\/tr>\n<tr class=\"row-51\">\n\t<td class=\"column-1\">West Palm Beach, FL<\/td><td class=\"column-2\">0.6%<\/td><td class=\"column-3\">8.1%<\/td>\n<\/tr>\n<tr class=\"row-52\">\n\t<td class=\"column-1\"><strong>National\u2014U.S.A.<\/strong><\/td><td class=\"column-2\"><strong>0.6%<\/strong><\/td><td class=\"column-3\"><strong>7.3%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-401 from cache -->\n","protected":false},"excerpt":{"rendered":"<p>Price growth is leveling off as elevated mortgage rates strain buyer budgets, but prices are still at historic highs because there aren\u2019t enough homes for sale. U.S. home prices climbed 0.6% from a month earlier on a seasonally-adjusted basis in March, matching February\u2019s 0.6% month-over-month gain. On a year-over-year basis, prices rose 7.3%, also little [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":77828,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[20,623,659,670],"coauthors":[125],"class_list":["post-77826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-housing-affordability","tag-national","tag-redfin-home-price-index","tag-rhpi"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Price Growth Stabilizes in March, With Prices Up 0.6% From February<\/title>\n<meta name=\"description\" content=\"Price growth is leveling off as high rates strain buyer budgets, but prices are still at historic highs because there aren\u2019t enough homes for sale.\" \/>\n<meta name=\"robots\" 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