The S&P CoreLogic Case-Shiller Indices for February 2023 show a 2% annual gain in home prices – down from 3.7% in the previous month.
The 10-City Composite annual increase came in at 0.4%, down from 2.5% in the previous month, while the 20-City Composite posted a 0.4% year-over-year gain, down from 2.6% in the previous month.
Miami, Tampa, and Atlanta again reported the highest year-over-year gains among the 20 cities in February. The order remained the same, with Miami leading the way with a 10.8% year-over-year price increase, followed by Tampa in second with a 7.7% increase, and Atlanta in third with a 6.6% increase.
All 20 cities reported lower prices in the year ending February 2023 versus the year ending January 2023.
Before seasonal adjustment, the U.S. National Index posted a 0.2% month-over-month increase in February, while the 10-City and 20-City Composites posted increases of 0.3% and 0.2%, respectively.
After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.2%, while both the 10-City and 20-City Composites posted increases of 0.1%.
“Home price trends moderated in February 2023,” says Craig J. Lazzara, managing director at S&P DJI. “The moderation we observed nationally is also apparent at a more granular level. Before seasonal adjustment, prices rose in 12 cities in February (versus in only one in January). Seasonally adjusted data showed nine cities with rising prices in February (versus five in January). With or without seasonal adjustment, most cities’ February results showed improvement relative to their January counterparts.”
In February, four West Coast cities (San Francisco, Seattle, San Diego and Portland) were negative year over year. territory. Las Vegas (-2.6%), Phoenix (-2.1%), Los Angeles (-1.3%) and Denver (-1.2%) also all tipped into negative territory.
Overall, the Southeast (+7.8%) remains the country’s strongest region.
Photo by Chris Orcutt on Unsplash
