by Calculated Risk on 4/29/2025 09:00:00 AM
S&P/Case-Shiller released the monthly Home Price Indices for February (“February” is a 3-month average of December, January and February closing prices).
This release includes prices for 20 individual cities, two composite indices (for 10 cities and 20 cities) and the monthly National index.
From S&P S&P CoreLogic Case-Shiller Index Records 3.9% Annual Gain in February 2025
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census
divisions, reported a 3.9% annual return for February, down from a 4.1% annual gain in the previous
month. The 10-City Composite saw an annual increase of 5.2%, down from a 5.4% annual increase in
the previous month. The 20-City Composite posted a year-over-year increase of 4.5%, down from a
4.7% increase in the previous month. New York again reported the highest annual gain among the 20
cities with a 7.7% increase in February, followed by Chicago and Cleveland with annual increases of
7.0% and 6.6%, respectively. Tampa posted the lowest return, falling 1.5%.
…
The pre-seasonally adjusted U.S. National, 10-City Composite, and 20-City Composite Indices
presented slight upward trends in February, posting 0.4%, 0.8%, and 0.7% respectively.After seasonal adjustment, the 10-City and 20-City Composite Indices posted month-over-month
increases of 0.5% and 0.4%. The U.S. National Composite Index posted a month-over-month increase
of 0.3%.“Even with mortgage rates remaining in the mid-6% range and affordability challenges lingering, home
prices have shown notable resilience,” said Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income
Tradables & Commodities at S&P Dow Jones Indices. “Buyer demand has certainly cooled compared
to the frenzied pace of prior years, but limited housing supply continues to underpin prices in most
markets. Rather than broad declines, we are seeing a slower, more sustainable pace of price growth.”
emphasis added
Click on graph for larger image.
The first graph shows the nominal seasonally adjusted Composite 10, Composite 20 and National indices (the Composite 20 was started in January 2000).
The Composite 10 index was up 0.5% in February (SA). The Composite 20 index was up 0.4% (SA) in February.
The National index was up 0.3% (SA) in February.
The second graph shows the year-over-year change in all three indices.
The Composite 10 NSA was up 5.2% year-over-year. The Composite 20 NSA was up 4.5% year-over-year.
The National index NSA was up 3.9% year-over-year.
Annual price changes were lower than expectations. I’ll have more later.
