US Existing-Home Prices Rise in February at the Slowest Pace Since July 2024
On Tuesday, Redfin reported that US home prices grew 0.4% in February on a seasonally adjusted basis, the slowest pace since July 2024. Prices have grown 0.4–0.6% month-over-month in 13 of the past 16 months.
Home prices were up 5.1% year-over-year—the slowest pace since August 2023. Redfin Senior Economist Sheharyar Bokhari said while home prices are rising steadily, year-over-year growth has slowed for 10 consecutive months, dropping from 7.5% in April 2024 to 5.1% in February.
The Redfin Home Price Index (RHPI) uses the repeat-sales pricing method to calculate seasonally adjusted changes in prices of single-family homes. The RHPI measures sale prices of homes that sold during a given period, and how those prices have changed since the last time those same homes sold.
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