Single-Family Home Prices Accelerate in February

Single-family home prices in the U.S. continued to climb at a very rapid pace in February led by surging prices in the Sun Belt. Home prices jumped 19.8% year-over-year in February, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index which measures average home prices across the nation’s nine U.S. Census Divisions. Since April 2021, home prices have been rising at the fastest rates in the index’s 35 year-history. The annual increase in February was the third-largest increase on record and was up from the 19.1% year-over-year increase in January. The S&P CoreLogic Case-Shiller 20-City Composite Index posted a 20.2% annual gain in February. All 20 cities in the index saw double-digit price increases over the past year, with Sun Belt cities logging the biggest gains. Phoenix (32.9%), Tampa (32.6%), Miami (29.7%), San Diego (29.1%), Dallas (28.8%) and Las Vegas (27.5%) recorded the largest year-over-year price increases in February, while the smallest gains were recorded in Washington, DC (11.9%), Minneapolis (12.0%) and New York (12.9%).