Housing Price Growth Slows Down
The national home price index in the United States rose by 3.9% year-on-year in February, indicating a slowdown in the pace of housing price increases.
S&P CoreLogic Case-Shiller released its national home price index data for February. According to the report, the U.S. national home price index increased by 3.9% compared to the same period last year. In January, the annual growth rate had been recorded at 4.1%.
These figures reveal that the pace of growth in housing prices has slowed down.
HOME PRICES IN 20 MAJOR CITIES RISE BY 4.5%
The index tracking home prices in 20 major U.S. cities showed a 4.5% increase in February compared to the previous year. Market expectations had forecast a 4.6% rise. In January, the growth rate had been announced as 4.7%.
NEW YORK RECORDS THE HIGHEST INCREASE
Among major cities, New York experienced the highest annual increase in home prices in February, with a rise of 7.7%.
Chicago followed with a 7% increase, while Cleveland recorded a 6.6% rise.
TAMPA SEES THE ONLY DECLINE
Tampa was the only city where home prices declined on an annual basis. Home prices in Tampa fell by 1.5% in the same period.