House Prices Continue to Climb, Led by the West

Data released by Standard & Poor’s and Case-Shiller indicates that house prices continued to rise in February 2014. According to the release, the seasonally adjusted S&P/Case-Shiller 10-City Index rose by 0.9% over the month, while the seasonally adjusted S&P/Case-Shiller 20-City Index rose by 0.8% over the month. For the past twelve months these two house price indexes, the 10-City and the 20-City, rose by a not seasonally adjusted rate of 13.1% and 12.9% respectively.

The monthly increase in the seasonally adjusted 20-City HPI that took place in February was led by cities in the western portion of the country. According to the figure below, the six cities recording the largest month-over-month increase are located in the either the Pacific or Mountain Census Divisions. These six cities, San Francisco, San Diego, Portland, Denver, Los Angeles, and Seattle all recorded month-over-month house price growth that equaled or exceeded 1.0%. Combined with Chicago and Minneapolis, these six cities also recorded growth rates above the average for all 20 cities. Meanwhile, house prices in Cleveland fell over the month by 0.5%.

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For full histories of the composites and 20 markets included in the Case-Shiller composites, click here cs.



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