U.S. home prices continued to rise in March, but the pace of their increase slowed from previous readings, S&P Dow Jones Indices said. 

Specifically, the S&P CoreLogic Case-Shiller U.S. National Home Price Index rose 3.4%, a slight decrease from the 4% annual gain measured in February. Month over month, the index rose 0.8%. 

“Home-price growth continued to decelerate on an annual basis in March, even as the market experienced its strongest monthly gains so far in 2025,” said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices.  

“This divergence between slowing year-over-year appreciation and renewed spring momentum highlighted how the housing market shifted from mere resilience to a broader seasonal recovery,” Godec added. “Limited supply and steady demand drove prices higher across most metropolitan areas, despite affordability challenges remaining firmly in place.” 

The 10-city composite index rose 4.76% on a yearly basis and 1.2% on a monthly one, while the 20-city composite rose 4.07% annually and 1.11% monthly.   

“Even as year-over-year gains slowed, U.S. home prices remained at record highs, ensuring long-term homeowners retained substantial equity,” Godec said. “This spring’s price resurgence illustrated that seasonal demand and tight supply could reignite price growth, but it also underscored the housing market’s continued sensitivity to mortgage rates and affordability constraints.”