United States: Home price growth hits over one-year high in February
The S&P/Case-Shiller 20-city composite home price index jumped 0.5% month-on-month in February, up from January’s flat reading. When adjusted for seasonal factors, home prices increased 0.4% in February, accelerating from January’s 0.3% rise and matching market expectations.
Home prices grew 3.5% in annual terms in February, which was stronger than January’s 3.1% uptick and represented an over one-year high. Gains continued to be the strongest in Phoenix for the ninth month running, followed by Seattle, Tampa and Charlotte. Overall, 17 of the 20 cities in the index registered higher annual price growth in February relative to January.
Commenting on February’s result, Craig J. Lazzara, managing director and global head of index governance at S&P Dow Jones Indices, noted:
“Importantly, today’s report covers real estate transactions closed during the month of February, and shows no signs of any adverse effect from the governmental suppression of economic activity in response to the COVID-19 pandemic. As much of the U.S. economy was shuttered in March, next month’s data may begin to reflect the impact of these policies on the housing market.”