The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index is just out with February numbers, which show a modest 2 percent annual gain. That’s down from 3.7 percent in January 2023.
Before seasonal adjustment, the U.S. National Index posted a 0.2 percent month-over-month increase in February.
The 10-City Composite annual increase came in at 0.4 percent, down from 2.5 percent in the previous month. The 20-City Composite posted a 0.4 percent year-over-year gain, down from 2.6 percent in the previous month.
Eight of the 20 major metro markets reported lower prices, while Miami, Tampa and Atlanta again reported the highest year-over-year gains. The order remained the same with Miami leading the way with a 10.8 percent year-over-year price increase, followed by Tampa with a 7.7 percent increase, and Atlanta in third with a 6.6 percent increase. All 20 cities reported lower prices in the year ending February 2023 versus the year ending January 2023.
“February’s results were most interesting because of their stark regional differences,” said Craig J. Lazzara, Managing Director at S&P DJI. “Miami’s 10.8 percent year-over-year gain made it the best-performing city for the seventh consecutive month…Results were different in the Pacific and Mountain time zones. Last month, four West Coast cities (San Francisco, Seattle, San Diego, and Portland) were in negative year-over-year territory. In February they were joined by four of their western neighbors, as Las Vegas (-2.6 percent), Phoenix (-2.1 percent), Los Angeles (-1.3 percent), and Denver (-1.2 percent) all tipped into negative territory. It’s unsurprising that the Southeast (+7.8 percent) remains the country’s strongest region, while the West (-4.2 percent) continues as the weakest.”