Home prices in the United States jumped by the most in over seven years in March, as a growing number of eager buyers competed for a dwindling supply of housing stock. The March Case-Shiller 20-city home price index, released Tuesday, soared 13.3 percent in March on a year-over-year basis, the biggest gain since December 2013. That increase followed a 12 percent year-over-year rise in February. “Prices have risen so rapidly because people are moving from apartments in cities to suburban homes,” said Robert R. Johnson, Professor of Finance, Heider College of Business, Creighton University, in an emailed statement. “While the rise in prices will undoubtedly moderate, the preference for suburban living will likely continue as more people work from home on both a full and part-time basis,” Johnson predicted, adding, “I don’t believe that this was simply an acceleration of demand for homes that will normalize once the pandemic is over.” While …
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