The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 6.4% annual gain for February, up from a 6.0% rise in the previous month.
The 10-City Composite showed an increase of 8.0%, up from a 7.4% increase in the previous month, while the 20-City Composite posted a year-over-year increase of 7.3%, up from a 6.6% increase in the previous month.
On a month-over-month measurement, the U.S. National Index, the 20-City Composite, and the 10-City Composite all rose for the first time since October 2023 with pre-seasonality adjustment increases of 0.6%, 0.9% and 1.0%, respectively. After the seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.4%, while the 20-City and the 10-City Composite both reported month-over-month increases of 0.6%.
San Diego continued to report the highest year-over-year gain among the 20 cities with an 11.4% increase in February, followed by Chicago and Detroit each recording increases of 8.9%. Portland held lowest uptick with an annual increase of 2.2% in February.
Brian D. Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, observed, “Since the previous peak in prices in 2022, this marks the second time home prices have pushed higher in the face of economic uncertainty. The first decline followed the start of the Federal Reserve’s hiking cycle. The second decline followed the peak in average mortgage rates last October. Enthusiasm for potential Fed cuts and lower mortgage rates appears to have supported buyer behavior, driving the 10-and 20- City Composites to new highs.”
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