Home prices in major U.S. cities continued to rise in the 4% range in February this year, according to data released on April 29 (local time) by the S&P Dow Jones Indices. The "CoreLogic Case-Shiller Home Price Index" (covering 20 cities) showed a 4.5% year-over-year increase for February.
The growth rate slightly slowed compared to January’s 4.7% and fell short of the 4.8% expected by Dow Jones analysts.
The 20-city home price index, which peaked at around 7% early last year, has been fluctuating in the 4% range since September of last year.
By city, New York saw the highest annual increase at 7.7%, followed by Chicago (6.95%) and Boston (5.91%). Tampa was the only major city among the 20 to record a year-over-year decline, with home prices dropping 1.46%.
Nicholas Godec, Senior Director of Bonds and Commodities at S&P Dow Jones Indices, noted, "While demand for home purchases has clearly cooled compared to the fervor of recent years, limited housing supply continues to support prices in most regions."