Home prices increased 19.8% year-over-year in February, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index.
It was the third-highest reading in 35 years of tracking home price gains. The results were up from a 19.1% annual gain recorded in January.
The 10-City Composite annual increase was 18.6%, up from 17.3% in January, and the 20-City Composite annual increase was 20.2%, up from 18.9% in January.
“The macroeconomic environment is evolving rapidly and may not support extraordinary home price growth for much longer,” S&P spokesperson Craig Lazzara said in a statement. “The post-COVID resumption of general economic activity has stoked inflation, and the Federal Reserve has begun to increase interest rates in response. We may soon begin to see the impact of increasing mortgage rates on home prices.”
Phoenix, Tampa and Miami reported the highest year-over-year home price gains among the 20 cities, surging 32.9%, 32.6% and 29.7%, respectively.
The full report can be found here.
