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%).
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.