According to S&P, Phoenix had the largest gain, a 20.0% increase, followed by San Diego and Seattle. All 20 metros had higher price increases in the year ending March 2021 versus the year ending February 2021.
It estimated home prices in metro Atlanta have risen 105% since hitting bottom nine years ago after the burst of the housing bubble. Area prices are nearly 30% higher than they were at the peak of the bubble in 2007.
While recent job reports were disappointing, spurring questions about the recovery’s strength, there is little reason to expect home prices to retreat, said economist Matthew Speakman of home listing company Zillow.
The surge of demand has not ebbed. Moreover, mortgage rates remain near all-time lows, he said. “The pressures that have pushed home prices upward at their fastest pace in years remain in place. There is little, if any, indication that home prices will slow their appreciation anytime soon.”
Largest home price* changes between March 2020 and March 2021
1. Phoenix: 20%
2. San Diego: 19.1%
3. Seattle: 18.3%
4. Boston: 14.9%
5. Tampa: 13.7%
6. Portland: 13.5%
7. Charlotte: 13.5%
16. Atlanta: 11.2%
*Re-sales only, does not include new homes
Source: S&P CoreLogic Case-Shiller Indices