San Diego, Los Angeles, Washington DC and New York have seen consistent yearly price increases for the third month in a row, with each city setting new record highs, according to the S&P CoreLogic Case-Shiller Indices.
Home prices continued to rise in February despite increasing mortgage rates, based on data released by the S&P CoreLogic Case-Shiller Indices. The national level saw a 6.4 percent annual gain in February, with a 0.6 percent increase month-over-month.
According to Brian D. Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, U.S. home prices are currently at or near all-time highs following a decline last year.
Cities in the top-10 and top-20 composites have all experienced annual price increases for the third consecutive month, with both composites reaching new record highs. San Diego, Los Angeles, Washington D.C., and New York are all currently at their highest housing prices.
San Diego saw the most significant price increase, with prices up 11.4 percent since February 2023. Other cities like Chicago and Detroit also experienced annual increases.
The Federal Housing Finance Authority’s House Price Index also reported a 1.2 percent increase in U.S. home prices from January, with a 7 percent growth since February 2023.
The Northeast markets, including Boston, New York, and Washington D.C., have shown strong performance over the past six months compared to Sun Belt markets, possibly due to the impact of remote work policies coming to an end.
Overall, the housing market continues to show resilience and growth despite economic uncertainties and rising mortgage rates.
Home prices in San Diego, Los Angeles, Washington DC, and New York have been steadily increasing for the third consecutive month, reaching record highs. Data from the S&P CoreLogic Case-Shiller Indices shows that U.S. home prices had a 6.4 percent annual gain in February and rose by 0.6 percent month over month. San Diego saw the most significant increase in prices, followed by Chicago and Detroit. The housing market in Southern California continues to outperform other regions, while Portland, Oregon, experienced the slowest rate of growth. The Federal Housing Finance Authority’s House Price Index also reported an increase in U.S. home prices. Markets in the Northeast, such as Boston, New York, and Washington DC, have been performing strongly, with the shift attributed to a possible return to office work impacting housing patterns.
Source link
