The numbers: The S&P/Case-Shiller national index rose a seasonally adjusted 0.4% and was up 6.5% compared to a year ago in March. The 20-city index rose a seasonally adjusted 0.5% and was 6.8% higher than a year ago.
What happened: Home-price growth showed no sign of slowing down. Demand is strong, supply is short and favorable economic conditions are making it possible for many people to bid prices up.
In fact, yearly price gains in the closely-watched 20-city index have accelerated every month since last June. The annual gain in the March report, which actually covers the three-month period ending in March, was the strongest since mid-2014.
Big picture: Many economists have expected headwinds like the recent tax law changes that changed home-ownership itemization, not to mention the sheer lack of inventory, to stifle the housing market, but that hasn’t showed up in pricing yet.