The 10- and 20-City Composites experienced year-over-year growth in February, while the U.S. National Home Price Index increased less than than it had in January, according to S&P Dow Jones.
The national HMI increased 4.2 percent year-over-year in February, a decrease from the 4.4 percent increase in January. The 10-City Composite gained 4.8 percent annually in February, up from 4.3 percent in January, and the 20-City Composite increased 5 percent year-over-year compared with 4.5 percent last month. Denver and San Francisco showed the highest year-over-year gains, with prices increasing 10 percent and 9.8 percent in February, respectively.
Month-over-month, the National Index showed a 0.1 percent increase in February. The 10- and 20-City Composites both grew 0.5 percent, their largest increase since July 2014.
"While nationally, prices are recovering, new construction of single family homes remains very weak despite low vacancy rates among both renters and owner-occupied homes,” said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, in a statement.
