The Zhitong Finance App learned that in March, housing prices in 20 major US cities accelerated. As the critical sales season begins, buyers will face greater pressure. According to the S&P CoreLogic Case-Shiller housing price index, housing prices in 20 major US cities rose 7.4% year on year in March, higher than the 7.3% year-on-year increase in February.

American homebuyers are currently facing a serious affordability crisis — mortgage interest rates are hovering around 7%, and housing prices are rising at an accelerated pace. The core of the problem is the shortage of second-hand housing for sale, as few homeowners are willing to give up loans locked in when interest rates are lower and sell their homes. Although housing inventories have increased in recent months, they are still tight.

Specific data shows that among the 20 major cities, San Diego had the biggest year-on-year increase in housing prices, followed by New York and Cleveland. Brian Luke, head of commodities, physical and digital assets at the S&P Dow Jones Index, said the Northeast US was “the best performer.”