Existing home prices increased 0.3% in February according to the Case-Shiller 20-city index. Home prices improved 9.3% above year-ago levels, an improvement from January’s 8.1% gain. The country’s 10 largest cities improved 0.4% from January and are 8.3% above year ago levels.
For the second consecutive month, all metro regions included in the release reported home price appreciation from year-ago levels, a first in almost 5 years. Phoenix reported the highest change from year-ago levels, increasing 23.0%. New York was the lowest at 1.9%.
While the improvements in February’s report are positive, home prices still remain 29.0% below the peak in July of 2006.
Read Standard and Poor’s release.