Home prices rose 6.4% in February compared to the same month last year, according to the S&P CoreLogic Case-Shiller National Home Price Index released Tuesday.
According to the index, home prices rose 6% in January from a year earlier, marking the highest annual growth rate since 2022.
The total for the 10 cities increased by 8%, up from a 7.4% increase in the previous month. statement Released with index.
Overall sales for the 20 cities increased by 7.3% compared to the same month last year, up from 6.6% in the previous month.
Among the 20 cities, San Diego had the highest year-over-year increase, with home prices rising 11.4% in February, followed by Chicago and Detroit, where prices rose 8.9%.
Portland had the smallest increase in home prices at 2.2%.
“Following last year’s decline, U.S. home prices are at or near all-time highs,” said Brian Luke, head of commodities, physical and digital assets at S&P Dow Jones Indices.
Luke added that the 10 and 20 city composite indexes are now at all-time highs, with all cities reporting annual house price increases for the third month in a row.
Luke said home prices in San Diego, Los Angeles, New York and Washington, D.C., are all at record highs.
The two Southern California cities have outperformed their neighbors to the north, such as San Francisco, where home prices have fallen 12% from their 2022 peak, and the markets of Phoenix and Las Vegas, where home prices have fallen by a factor of 6 and 4.5. ing. percentage each.
Mr Luke added that markets in the North East had been the strongest over the past year and a half, in part because businesses were asking employees to return to the office.
“Remote work benefited smaller (and sunny) markets in the early 2010s, but the return to offices may be contributing to the outperformance of larger markets in the Northeast,” he said. Yes,” he said.
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