by Calculated Risk on 4/30/2024 09:00:00 AM

S&P/Case-Shiller released the monthly Home Price Indices for February ("February" is a 3-month average of December, January and February closing prices).

This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index.

From S&P S&P CoreLogic Case-Shiller Index’s Upward Trend Persists in February 2024

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 6.4% annual gain in February, up from a 6.0% rise in the previous month. The 10- City Composite showed an increase of 8.0%, up from a 7.4% increase in the previous month. The 20- City Composite posted a year-over-year increase of 7.3%, up from a 6.6% increase in the previous month. San Diego continued to report the highest year-over-year gain among the 20 cities with an 11.4% increase in February, followed by Chicago and Detroit , with an increase of 8.9%. Portland, though still holding the lowest rank after reporting two consecutive months of the smallest year-over-year growth, had a significant increase in annual gain of 2.2% in February.
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The U.S. National Index, the 20-City Composite, and the 10-City Composite, for the first time since November 2023, showed a pre-seasonality adjustment increase of 0.6%, 0.9% and 1.0% respectively.

After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.4%, while the 20-City and the 10-City Composite both reported month-over-month increases of 0.6%.

“U.S. home prices continued their drive higher,” says Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices. “Our National Composite rose by 6% in January, the fastest annual rate since 2022. Stronger gains came from our 10- and 20-City Composite indices, rising 7.4% and 6.6%, respectively. For the second consecutive month, all cities reported increases in annual prices, with San Diego surging 11.2%. On a seasonal adjusted basis, home prices have continued to break through previous all-time highs set last year”
emphasis added

Click on graph for larger image.

The first graph shows the nominal seasonally adjusted Composite 10, Composite 20 and National indices (the Composite 20 was started in January 2000).

The Composite 10 index was up 0.6% in February (SA).  The Composite 20 index was up 0.6% (SA) in February.

The National index was up 0.4% (SA) in February.

The second graph shows the year-over-year change in all three indices.

The Composite 10 SA was up 8.0% year-over-year.  The Composite 20 SA was up 7.3% year-over-year.

The National index SA was up 6.4% year-over-year.

Annual price changes were above expectations.  I'll have more later.