Home Price Gains Slowed in February

The Case-Shiller U.S. National Home Price Index, reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 3.8% in February, following the increase of 3.2% in January. On a year-over-year basis, the Case-Shiller U.S. National Home Price NSA Index rose by 4.0% in February, down from 4.2% in January. It was the lowest annual gain since September 2012. The annual growth rate has decreased for eleven straight months, from 6.5% in March 2018 to 4.0% in February 2019.

Meanwhile, the Home Price Index, released by the Federal Housing Finance Agency (FHFA), rose at a seasonally adjusted annual rate of 3.2% in February, slower than the 7.6% increase in January. On a year-over-year basis, the FHFA Home Price NSA Index rose by 4.9% in February, the lowest annual growth rate since January 2015. It confirmed the slowdown in home prices.

In addition to tracking home price changes nationwide, S&P also reported home price indexes across 20 metro areas. In February, local home prices varied greatly and their annual growth rates ranged from -2.7% to 11.5%. Among the 20 metro areas, nine metro areas exceeded the national average of 3.8%. Tampa, Denver and Cleveland had the highest home price appreciation. Tampa led the way with an 11.5% increase, followed by Denver with a 7.7% increase and Cleveland with a 6.5% increase. Home prices in Charlotte remained the same and two metro areas, Los Angeles (-1.6%) and Boston (-2.7%), experienced price declines in February.



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