As expected, home price appreciation continued to rise in February, according to the latest Case-Shiller index…(SPG)
- Y-O-Y: The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 19.8% annual gain in February, up from 19.1% in the previous month.
- M-O-M: The index reported an unadjusted 1.7% month-over-month increase in February.
The city composite indices were actually mixed this month with the 10-city index seeing less growth while the 20-city index saw more…
- 10-City Index: Reported 18.6% year-over-year growth, up from 17.3% in the previous month.
- 20 City Index: Reported 20.2% year-over-year growth, up from 18.9% in the previous month.
Phoenix, once again, led all major metro areas with 32.9% year-over-year prices gains, this is the 33rd month in a row they topped the list.
- Tampa was a close second with 32.6% annual price increases with Miami in third place with 29.7% increases.
The Federal Housing Finance Agency was slightly lower than the Case-Shiller index but was up from the previous month…(FHFA)
- Y-O-Y: The FHFA House Price Index reported that home price appreciation was up 19.4% year-over-year in February, up from 18.2% in the previous month.
- M-O-M: The all-region HPI was up 2.1% in February, up from 1.6% in the previous month.
The Mountain region reported the biggest year-over-year gains in February at 24.3% followed closely by the South Atlantic region at 24.1% and the East South Central region (+20.8%).
- Month-over-month the South Atlantic region saw the biggest jump with prices up 2.9% from January followed by the Middle Atlantic and Mountain region at 2.4%.
Will Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics, said the FHFA HPI data set a record…
- “House prices rose to set a new historical record in February…Acceleration approached twice the monthly rate as seen a year ago. Housing prices continue to rise owing in part to supply constraints.”