US home prices inch higher in February

Yahoo Finance
(Photo by Scott Olson/Getty Images)
(Photo by Scott Olson/Getty Images)

Home prices in the U.S. rose in February with no sign of changing direction.

Standard & Poor’s said Tuesday that its S&P CoreLogic Case-Shiller national home price index reported a 6.3% annual increase in February, up from 6.1% a month earlier. Year-over-year prices have risen continuously for the past 70 months, since May 2012, according to David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones in a press statement. Over that time, the annual price increases averaged 6%, comparable to the time period between January 1992 and February 2007, when prices averaged 6.1% annually.

Scroll to continue with content

“With expectations for continued economic growth and further employment gains, the current run of rising prices is likely to continue,” said Blitzer.

Seattle housing market still biggest gainer

The 20-city composite posted a 6.8% year-over-year gain, up from 6.4% in the previous month, beating analysts’ estimates of 6.35%. As expected, Seattle led with a 12.7% year-over-year price increase.

“Increasing employment supports rising home prices both nationally and locally,” said Blitzer. “Among the 20 cities covered by the S&P CoreLogic Case-Shiller Indices, Seattle enjoyed both the largest gain in employment and in home prices over the 12 months ended in February 2018.”

Seattle posted a 12.7% year-over-year price increase. Las Vegas followed with an 11.6% increase and San Francisco recorded a 10.1% increase.

Meanwhile, Chicago was ranked No. 19 in both home price and employment gains, according to the 20-city composite, and Cleveland ranked No. 18 in home prices and No. 20 in employment increases.

Amanda Fung is an editor at Yahoo Finance

Read more:

What to Read Next