U.S. home prices continued to march higher February, according to new S&P data, as would-be homebuyers compete for a limited number of homes for sale.
Home prices rose to a new record in February amid an ongoing housing shortage, even as high mortgage rates pushed affordability out of reach for more Americans. Prices increased 6.4% nationally in February when compared with the previous year, the S&P CoreLogic Case-Shiller index showed on Tuesday. That is up from the 6% annual increase recorded the prior month. It marks the fastest pace of growth since November 2022. On a monthly basis, prices climbed 0.4%, according to the index.
The 10-city composite, which encompasses Los Angeles, Miami and New York, rose 8% annually, compared with an increase of 7.4% in January. The 20-city composite, which also tracks housing prices in Dallas and Seattle, posted an annual gain of 7.3%, which also marks an increase from the 6.6% figure recorded the previous month. Prices rose in 18 of the 20 major metro markets tracked by the index. The largest price gain took place in San Diego, which recorded a year-over-year increase of 11.4%.
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