Home price growth slowed to the lowest level in 11 years despite a month-over-month increase for the first time in 8 months, according to the latest data from the Case-Shiller Index.
- Y-O-Y: The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 2.0% annual gain in February, down from 3.7% in the previous month and the lowest level since August 2012.
- M-O-M: Despite annual growth slowing, home prices rose month-over-month by 0.2%, up from last month’s 0.5% dip and the first positive month since June 2022.
Better Than Expected. Economists had projected that the 20-city home price index would fall to zero growth year-over-year thanks to a 0.7% monthly dip. However, growth fell to 0.4% after a 0.2% monthly increase.
Miami Stands Alone. Miami is the only major housing market still reporting double-digit annual growth. Home prices in Miami climbed 10.8% in February, down from 13.8% in January.
- Tampa was second with a 7.7% increase and Atlanta in third with a 6.6% increase.
- On the other end of the spectrum, San Francisco was the biggest loser with home prices down 10.0% year-over-year in February followed by Seattle (-9.3%) and San Diego (-4.1%).