S&P CoreLogic Case-Shiller Index: 3.9% Annual Gain in February

Home prices continued to trend upwards in February as the benchmark national index rose for the 25th consecutive month to a 21st straight record high. The seasonally adjusted home prices for the national index saw a 0.3% increase MoM, and a 3.9% increase YoY. After adjusting for inflation, the MoM fell to 0.0% and YoY fell to -0.5%.

SP Case-Shiller Home Price Index national composite

The S&P Case-Shiller benchmark 20-City composite aims to measure the value of residential real estate in the following 20 major U.S. cities: Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington D.C. The benchmark 20-city index rose for the 25th consecutive month to a 19th straight record high in February. The seasonally adjusted home prices for the 20-city index saw a 0.4% MoM, and a 4.5% increase YoY. After adjusting for inflation, the MoM was reduced to 0.1% and YoY was reduced to 0.1%.

SP Case-Shiller Home Price Index 20-city composite

The S&P Case-Shiller benchmark 10-City composite, a subset of the 20-city index, aims to measure the change in value of residential real estate in the following 10 major U.S. cities: Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington D.C. The benchmark 10-city index rose for the 25th consecutive month to a 20th straight record high in February. The seasonally adjusted home prices for the 10-city index saw a 0.5% MoM, and a 5.2% increase YoY. After adjusting for inflation, the MoM dropped to 0.2% and YoY dropped to 0.7%.

SP Case-Shiller Home Price Index 10-city composite

Here is the analysis from today's Standard & Poor's press release:

ANALYSIS

“Even with mortgage rates remaining in the mid-6% range and affordability challenges lingering, home prices have shown notable resilience,” said Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. “Buyer demand has certainly cooled compared to the frenzied pace of prior years, but limited housing supply continues to underpin prices in most markets. Rather than broad declines, we are seeing a slower, more sustainable pace of price growth.”