Home prices continued to increase in February before the coronavirus shutdowns, gaining 4.2 percent annually, according to the latest S&P CoreLogic Case Shiller U.S. National Home Price NSA Index.
The 20-city composite grew 0.4 points for a 3.5 percent year-over-year gain. Prices were strongest in the West and Southeast and comparatively weaker in the Midwest and Northeast. Phoenix topped the list with a 7.5 percent year-over-year price increase, followed by Seattle with a 6.0 percent increase, and Tampa and Charlotte with 5.2 percent increases. Higher prices were reported in 17 of the 20 cities in the composite.
“Importantly, today’s report covers real estate transactions closed during the month of February, and shows no signs of any adverse effect from the governmental suppression of economic activity in response to the COVID-19 pandemic,” said Craig Lazzara, managing mirector and global head of Index Investment Strategy at S&P Dow Jones Indices. “As much of the U.S. economy was shuttered in March, next month’s data may begin to reflect the impact of these policies on the housing market.”
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