The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 4.4% annual gain in March, up from 4.2% in the previous month, S&P reported Tuesday.

The 10-City Composite annual increase came in at 3.4%, up from 3.0% in the previous month. The 20-City Composite posted a 3.9% year-over-year gain, up from 3.5% in the previous month.

Phoenix, Seattle and Charlotte reported the highest year-over-year gains among the 19 cities (excluding Detroit for the month due to COVID-19's impact on reporting there). In March, Phoenix led the way with an 8.2% year-over-year price increase, followed by Seattle with a 6.9% increase and Charlotte with a 5.8% increase.

17 of the 19 cities reported higher price increases in the year ending March 2020 versus the year ending February 2020.

The National Index posted a 0.8% month-over-month increase, while the 10-City and 20-City Composites posted increases of 1.0% and 1.1% respectively before seasonal adjustment in March. After seasonal adjustment, the National Index and the 20-City Composite posted a month-over-month increase of 0.5%, while the 10-City Composite a posted 0.4% increase.

In March, all 19 cities (excluding Detroit) reported increases before seasonal adjustment as well as after seasonal adjustment.

"March’s data witnessed the first impact of the COVID-19 pandemic on the S&P CoreLogic Case-Shiller Indices,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices. “We have data from only 19 cities this month, since transactions records for Wayne County, Michigan (in the Detroit metropolitan area) were unavailable.

“That said, housing prices continue to be remarkably stable. The National Composite Index rose by 4.4% in March 2020, with comparable growth in the 10- and 20-City Composites (up 3.4% and 3.9%, respectively). In all three cases, March’s year-over-year gains were ahead of February’s, continuing a trend of gently accelerating home prices that began last autumn. March results were broad-based. Prices rose in each of the 19 cities for which we have reported data, and price increases accelerated in 17 cities.

month’s data may show a more noticeable impact.”“At a regional level, Phoenix retains the top spot for the tenth consecutive month, with a gain of 8.2% for March. Home prices in Seattle rose by 6.9%, followed by increases in Charlotte (5.8%) and Tampa (5.7%). Prices were particularly strong in the West and Southeast, and comparatively weak in the Midwest and Northeast. “Importantly, today’s report covers real estate transactions closed during the month of March. Housing prices have not yet registered any adverse effects from the governmental suppression of economic activity in response to the COVID-19 pandemic. As much of the U.S. economy remained shuttered in April, next month’s data may show a more noticable impact."