S&P CoreLogic Case-Shiller Reports a 6.4% Gain in February 2024

On Tuesday (4-30-2024),  S&P CoreLogic Case-Shiller released its U.S. National Home Price NSA Index for February 2024. The Index which covers all nine U.S. Census divisions, revealed that 18 out of the 20 major metro markets reported month-over-month (Jan. 24 – Feb. 24) price increases.

Year-over-year (Feb. 23 – Feb. 24) the Index covering all nine U.S. census divisions reported an annual gain of 6.4% in February, up from 6.0% in January, and up from 5.5% in December 2023.  The 10-City Composite posted an 8.0% increase in February, up from a 7.4% increase in January, and from a 7.0% increase in December. The 20-city composite posted a year-over-year increase of 7.3% in February, up from 6.6% in January, and up from a 6.1 % increase December.

San Diego continued to report the highest year-over-year gain among the 20 cities with an 11.4% increase in February, followed by Chicago and Detroit, with both reporting increases of 8.9%. Portland, while still holding the lowest rank after reporting two consecutive months of the smallest year-over-year growth, had a significant annual increase of 2.2% in February.

In February, the U.S. National Index increased 0.6%, the 20-City Composite climbed 0.9%, and the 10-City Composite jumped 1.0% higher. With all indexes showing pre-seasonality adjustment increases and all indexes simultaneously rising for the first time since October 2023.

After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 0.4%, while the 20-City and the 10-City Composite both reported month-over-month increases of 0.6%.