Positive article about national home price increases. Nice to see some good news for sellers.
Home prices post largest gain in more than a year: S&P
Price appreciation continues to defy expectations in the face of high mortgage rates and declining affordability April 30, 2024, 10:54 am By Sarah Marx
Home prices were near an all-time high in February. The S&P CoreLogic Case-Shiller U.S. National Home Price Index posted a 6.4% annual gain in February, up from a 6% gain in January, according to the newest report released Tuesday.
It was the largest annualized increase recorded since November 2022. On an annual basis, the 10-city composite index grew by 8%, up from 7.4% the previous month. The 20-city composite posted a year-over-year gain of 7.3%, up from 6.6% the previous month.
On a monthly basis, the national index posted a seasonally adjusted increase of 0.4%, while the 20-city and 10-city composites each posted gains of 0.6%.
“Following last year’s decline, U.S. home prices are at or near all-time highs,” Brian D. Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, said in a statement. “Our National Composite rose by 6.4% in February, the fastest annual rate since November 2022. Our 10- and 20-City Composite indices are currently at all-time highs.
“For the third consecutive month, all cities reported increases in annual prices, with four currently at all-time highs: San Diego, Los Angeles, Washington, D.C., and New York. On a seasonal adjusted basis, our National, 10- and 20- City Composite indices continue to break through previous all-time highs set last year.”
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