Washington, May 26 (AP) US home prices accelerated in March even though sales plummeted, as those Americans still buying bid for a sharply diminished supply of homes.

The S&P CoreLogic Case-Shiller 20-city home price index rose 3.9% in March, the largest gain in more than a year, up from 3.5% in February.

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Home sales fell 8.5% in March before plummeting 17.8% in April, according to the National Association of Realtors, as the viral outbreak and business shutdowns caused a flood of layoffs and restricted economic activity.

But the number of homes for sale also plunged in March, falling more than 10%, pushing up prices.

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Phoenix, Seattle and Charlotte posted the largest yearly gains among the 19 cities that reported data.

S&P said the March data does not include prices for Detroit, because the coronavirus disrupted the availability of sales data from Wayne County, the largest county in the Detroit metro area. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)