The S&P CoreLogic Case-Shiller Indices for February 2024, released Tuesday by S&P Dow Jones Indices, reveal an increase in home prices across major U.S. metro markets. Eighteen out of the 20 surveyed cities reported month-over-month gains. The U.S. National Home Price NSA Index, which spans all nine U.S. census divisions, observed a 6.4% annual increase in February, a rise from 6.0% in January. The 10-City and 20-City Composites also saw increases, with the former up 8.0% from 7.4% and the latter up 7.3% from 6.6%.
San Diego led the cities with the highest annual gain at 11.4%, followed by Chicago and Detroit each at 8.9%. Despite its continued low ranking, Portland marked a notable improvement with a 2.2% annual increase. Following declines in late 2023, the U.S. National Index, along with the 10-City and 20-City Composites, showed gains for the first time since October, posting pre-seasonality adjustment increases of 0.6%, 0.9%, and 1.0%, respectively.
Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P Dow Jones Indices, highlighted the recovery, noting, "U.S. home prices are at or near all-time highs, with our National Composite rising by 6.4% in February, the fastest annual rate since November 2022." He added that the indices are breaking through previous highs on a seasonally adjusted basis, with particular strength in the Northeast.
The return to office dynamics has seemingly bolstered markets in the Northeast, including Boston, New York, and Washington, D.C. In contrast, San Francisco saw a 12% decline from its peak, while Phoenix and Las Vegas dropped by 6% and 4.5%, respectively. Tampa recorded a minor decline of 0.3% in February, whereas Seattle led with the largest monthly gain of 2.3%.
