Home Prices Gained 4.2% in Annually in February per Case-Shiller

According to the S&P CoreLogic Case-Shiller Home Price Indices, February home prices nationally were 4.2% higher annually, up from a 3.9% gain in January. The 10-City Composite rose 2.9% annually in February, up from 2.6% in January. The 20-City Composite increased 3.5% in February, up from 3.1% in January. The higher prices in February were fueled by strong homebuyer demand, very tight supply and near record-low mortgage rates. While mortgage rates remain low, and supply is even lower, demand has fallen dramatically due to Covid-19 and the economic shutdown. The strongest prices gain in February were experienced in Phoenix (+7.5%), Seattle (+6.0%), Tampa and Charlotte (both +5.2%).