Home prices soar even higher in February, despite higher mortgage rates, says S&P Case-Shiller

Strong demand and tight supply continue to push home values higher, even though mortgage rates are now moving higher again. Home prices in February jumped 6.4% year over year, another increase after the prior month’s annual gain of 6%, according to the S&P CoreLogic Case-Shiller national home price index released Tuesday. It was the fastest rate of price growth since November 2022. The 10-city composite rose 8%, up from a 7.4% increase in the previous month.

2%. “The Northeast region, which includes Boston, New York, and Washington, D.C., ranks as the best performing market for over the last half year. As remote work benefitted smaller in the first part of the decade, return to office may be contributing to outperformance in larger metropolitan markets in the Northeast,” according to Luke. “Since the previous peak in prices in 2022, this marks the second time home prices have pushed higher in the face of economic uncertainty.

Source: Loan Digest (loandigest.net)

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