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US home prices grow at steady pace in March

Home prices in the U.S. continued to rise steadily in March, with the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index showing an annual gain of 6.5%, the same as last month.

The 10-city composite posted an annual increase of 6.5% for the month from 6.4% in the previous month, while the 20-city composite rose 6.8% year over year, unchanged from the previous month.

Seattle, Las Vegas and San Francisco again showed the largest increases in home prices, posting annual gains of 13.0%, 12.4% and 11.3%, respectively. Twelve of the 20 cities reported higher price gains in the 12 months ending in March.

"Until inventories increase faster than sales, or the economy slows significantly, home prices are likely to continue rising," said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. "Compared to the price gains of the last boom in the early 2000s, things are calmer today."

S&P Dow Jones Indices and S&P Global Market Intelligence are owned by S&P Global Inc.