Case-Shiller: Home Price Index Hits Record High in March; Atlanta sees a 6.1% gain

House prices hit yet another all-time record Raised in March, S&P Dow Jones Indices said.

Specifically, the S&P CoreLogic Case-Shiller U.S. National Home Price Index increased 6.5% year-over-year and 1.3% month-over-month.

“This month’s report shows another all-time high,” Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, said in a statement. Press release. “We have witnessed repeated record highs in the stock and real estate markets over the past year. Our national index has reached new highs in six of the last 12 months. During this period, we have seen record stock market performance, with the S&P 500 hitting new all-time highs on 35 trading days over the past year.

In Atlanta, home prices rose 6.1% year-over-year in March, while prices rose 1.1% month-over-month. The 10-city composite index jumped 8.2% on an annual basis and 1.6% on a monthly basis, while the 20-city composite index rose 7.4% on the year and 1.6% over the month.

“The continued resilience of house prices amid rising borrowing costs highlights headwinds for the property market which are reflected in slow sales, namely affordability issues for potential buyers as the costs of homeownership continue to skyrocket, particularly increases in homeowners insurance and property taxes,” said Selma, CoreLogic’s chief economist. Hepp said in a statement. “While these costs are causing some sellers and investors to abandon their homes and improve inventory shortages, buyers are maintaining a wait-and-see approach in anticipation of lower rates in the future.”