The 20-City Case-Shiller Composite Index increased 5.4% year-over-year in February, down from January’s gain of 5.7%. The 10-City Composite Index increased by 4.6% from the previous year, down from a 5.0% annual increase last month. The National Index, which covers all nine census divisions increased by 5.3%, unchanged from January.
On a seasonally adjusted monthly basis, the National Index increased by 0.4%, the 10-City Composite increased by 0.6%, and the 20-City Composite increased 0.7%.
“Home prices continue to rise twice as fast as inflation, but the pace is easing off in the most recent numbers,” said David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “The slower growth rate is evident in the monthly seasonally adjusted numbers: six cities experienced smaller monthly gains in February compared to January, when no city saw growth.”
Home prices rose on the month in fourteen of the twenty cities covered by the index, but fell in the remaining six cities. Seattle and San Francisco saw home prices increase by 1.1% over the month, while Cleveland and New York saw home prices fall by 0.6% and 0.5% respectively.
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