Eye On Housing
In February, national home price appreciation continued, but at a slower pace than last month. Meanwhile, among all 20 metro areas which are covered by under the S&P/Case-Shiller Home Price Index, only Washington DC recorded growth that lagged the nationwide rate of appreciation.
The S&P/Case-Shiller Home Price Indices released for February 2018 indicated that home prices nationwide, the National Home Price Index, rose at a seasonally adjusted annual growth rate of 6.3% in February, modestly slower than the 6.7% increase in January.
The purchase-only Home Price Index from the Federal Housing Finance Agency (FHFA) rose at a seasonally adjusted annual rate of 7.8% in February, down from the 10.9% increase in January, confirming the deceleration in home prices.
In addition to tracking home price changes nationwide, S&P also estimates home prices across the 20 metro areas. In February, the annual growth rates of the 20 metro areas ranged from 5.4% to 22.2%. Among the 20 metro areas, Cleveland led the way with a 22.2% increase, followed by Detroit with 18.3% and Seattle with an 18.2% increase. Nineteen of the 20 metro areas exceeded the national average of 6.3% in February. Washington DC had the lowest home price appreciation (5.4%) among all 20 metro areas in February.
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