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U.S. dwelling costs rose greater than anticipated in March – S&P Case-Shiller By Reuters

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© Reuters. FILE PHOTO: A brand new house is seen underneath building whereas constructing materials provides are in excessive demand in Tampa, Florida, U.S., Might 5, 2021. REUTERS/Octavio Jones

By Evan Sully

(Reuters) – U.S. single-family dwelling costs in 20 key city markets rose in March from a 12 months earlier by probably the most in additional than seven years, a carefully watched survey stated on Tuesday.

The S&P/Case Shiller composite index of 20 metropolitan areas gained 13.3% by way of the 12 months resulted in March on a seasonally adjusted foundation, the biggest annual value enhance since December 2013. A Reuters ballot of economists had forecast a 12.3% enhance.

On month-to-month foundation, the 20-city composite index rose 1.6% from February. Economists polled by Reuters had been anticipating a 1.2% enhance.

U.S. present dwelling gross sales fell for a 3rd straight month in April as an acute scarcity of properties drove costs to a file excessive, information from the Nationwide Affiliation of Realtors confirmed on Friday.

In a while Tuesday, the Commerce Division will report new dwelling gross sales for April, that are anticipated to reasonable once more.

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