Home prices in all nine United States census divisions increased 3.9% in February year over year, the S&P CoreLogic Case-Shiller revealed in its report on Tuesday.
The 10-City Composite recorded an annual growth of 5.2% in February, down from a jump of 5.4% registered in January. The 20-City Composite gained 4.5% on a yearly basis, slightly lower compared to a growth of 4.7% seen a month prior. The highest price increases were recorded in New York.
"Even with mortgage rates remaining in the mid-6% range and affordability challenges lingering, home prices have shown notable resilience. Buyer demand has certainly cooled compared to the frenzied pace of prior years, but limited housing supply continues to underpin prices in most markets. Rather than broad declines, we are seeing a slower, more sustainable pace of price growth," S&P Dow Jones Indices head of Fixed Income Tradables and Commodities Nicholas Godec said.
