US home prices rose before viral outbreak shut economy

 U.S home prices were rising at a stey pace in February, before viral outbreak shuttered much of ecomy and caused a sharp decline in home sales.

March sales of new and existing homes n plummeted as much of U.S. population sheltered in place.

S&P CoreLogic Case-Shiller 20-city home price index rose 3.5% in February from a year ago, up from a 3.1% increase in January. Solid hiring at start of year and low mortg rates h supported rising home sales and prices, but that has deteriorated rapidly.

Existing home sales fell 8.5% in March, according to National Association of Realtors, while new home sales fell 15.4%, government said.

Home price gains will likely slow in coming months with sellers forced to cut asking prices. However, fewer properties are being listed for sale with activity all but shut down, which could provide some pricing support.