NYC home prices picked up steam in March: Case-Shiller

Big Apple still lags behind US year-over-year

TRD New York /
May.May 30, 2017 11:30 AM

Home for sale in Midwood, Brooklyn (Credit: Corcoran)

New York’s home prices picked up steam in March after months of weak growth, according to the latest S&P CoreLogic Case-Shiller Index.

Home prices in the Big Apple rose by a seasonally adjusted 1.1 percent between February and March (up from 0 percent a month earlier), the second-fastest pace in the U.S. behind only Minneapolis. The index does not include condos and co-ops, meaning it only captures a share of the New York market and serves as more of a bellwether of the suburban market.

On a year-over-year basis New York continues to lag behind the rest of the U.S. with 4.1 percent growth — the weakest pace among 20 major cities measured by Case-Shiller. Seattle led the country with 12.3 percent, followed by Dallas with 8.6 percent and Denver with 8.4 percent.

Prices grew by 6 percent year-over-year in Miami and by 5.3 percent in Los Angeles.

“Over the last year, analysts suggested that one factor pushing prices higher was the unusually low inventory of homes for sale. People are staying in their homes longer rather than selling and trading up,” said David Blitzer of S&P Dow Jones’ index committee. “If mortgage rates, currently near 4%, rise further, this could deter more people from selling and keep pressure on inventories and prices.” — Konrad Putzier

Related Articles

From left: the Ritz-Carlton, 32 East 1st Street, 560 West 24th Street, 301 East 80th Street and 32 West 85th Street

Five priciest homes new to market include 1897 townhouse

Ed Gilligan and 3 East 94th Street (Credit: Getty Images, Compass)

Don’t leave home without $21M: Amex exec’s widow sells townhouse

Home prices are on the rise, and homeowners are opting to stay in their homes longer (Credit: iStock)

Home prices accelerate nationally as owners stay longer

The Mountain States saw the fastest home-price growth of any region (Credit: iStock)

Millennials head west for housing, and institutional investors follow

From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high

40 East 72nd Street (Credit: Google Maps)

Nightmare on E. 72nd Street raises question: Are small condos risky?

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds