The S&P Case-Shiller National Home Price Index fell -0.3% MoM (NSA: +0.8% MoM) in March and was up 3.4% YoY, down from 4.0% YoY in February.

• The 20-City Composite dropped -0.1% MoM (NSA: +1.1% MoM) and increased 4.1% YoY, down from 4.5% YoY in February and below expectations of a 4.5% YoY gain.
• The 10-City Composite was flat (NSA: +1.2% MoM) and up 4.8% YoY, down from 5.2% YoY.
• New York led all markets with an 8.0% YoY gain, followed by Chicago (+6.5%) and Cleveland (+5.9%); Tampa was the only metro with a YoY decline (-2.2%).
• On a MoM basis (NSA), Cleveland, Seattle, and New York posted the largest gains (+1.8%, +1.8%, and +1.5%).
• Tight housing supply and mid-6% mortgage rates continued to support prices despite affordability constraints, but the large monthly moves were mostly accounted for in seasonality.