The Case-Shiller (CS) National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 5.0% in February, down from 5.8% in January. The Home Price Index from the Federal Housing Finance Agency (FHFA) rose at a seasonally adjusted annual rate of 4.8% in February, following 4.9% in January.
After the boom and bust, home prices have been recovering from the trough since 2012. Both FHFA and S&P/Case-Shiller home price indexes rose towards long term trend levels. Home price appreciations slowed down slightly in February. We expect that home price appreciations will continue drifting down to a more sustainable pace going forward.