Home prices just keep rising, so it’s hard not to feel as though there’s no end in sight—and there may not be. After all, we’re missing between roughly 2 to 7 million homes, and that shortage has only been exacerbated by the lock-in effect, as homeowners refuse to sell for fear of losing their low mortgage rates in our higher-rate environment. Because there are not enough homes to go around, prices don’t really have room to fall; and in March, they rose 6.5% from a year earlier, according to an S&P CoreLogic Case-Shiller index released today. On a monthly basis, national home prices rose 1.3%.
“This month’s report boasts another all-time high,” Brian D. Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, said in the release. “We’ve witnessed records repeatedly break in both stock and housing markets over the past year.”
