The Case-Shiller National Home Price index rose by 0.7% in March before seasonal adjustment following a 0.3% increase in February.
National home prices were up 0.7% year-over-year, down from 0.8% in February.
The 10-city index rose by 1.2% in the month, while the 20-city index was up 1%.
National home prices were down 0.2% month-over-month in February after seasonal adjustment, with the 10-city measure unchanged and the 20-city measure 0.2% lower. A survey compiled by Bloomberg as of 7:30 am ET expected the 20-city index to decrease by 0.1%.
"More than half of the 20 major U.S. housing markets recorded year-over-year price declines in March, reflecting a broadening and deepening housing slowdown," said Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices.
The monthly home price index report from S&P CoreLogic Case-Shiller measures single-family home prices across the US with a two-month lag, broken down by city, with combined measures of the 10 and 20 largest cities and a national index. Case-Shiller reports percentage gains both from the previous month and a year earlier.
Higher home prices are inflationary and are usually negative for bonds. The possible outcome for housing-related stocks is mixed, as higher prices suggest strong demand, but prices that are accelerating too fast can also deter potential buyers.