The S&P CoreLogic Case-Shiller Indices -- a leading measure of home prices -- posted yet another year-over-year increase in February.
The National Home Price NSA Index, covering all nine U.S. census divisions, was up 5.8% on an annual basis, setting a 32-month high.
The 10-City Composite jumped 5.2%, while the 20-City Composite reported a year-over-year gain of 5.9%.
Seattle, Portland, and Dallas reported the highest year-over-year gains in February among the 20 cities. Seattle led the way with a 12.2% year-over-year price increase, followed by Portland with 9.7%. Dallas replaced Denver in the top three with an 8.8% increase.
Fifteen cities reported greater price increases in the year ending February 2017 versus the year ending January 2017.
“The S&P Corelogic Case-Shiller National Home Price Index and the two composite indices accelerated since the national index set a new high four months ago,” said David M.Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices.
“There are still relatively few existing homes listed for sale and the small 3.8 month supply is supporting the recent price increases. Housing affordability has declined since 2012 as the pressure of higher prices has been a larger factor than stable to lower mortgage rates.”
Before seasonal adjustment, the National Index posted a month-over-month gain of 0.2%. The 10-City Composite increase was 0.3% and the 20-City Composite posted an advance of 0.4%.
After seasonal adjustment, the National Index recorded a 0.4% month-over-month increase, with the 10-City Composite up 0.6% and the 20-City Composite rising 0.7%.
Sixteen of 20 cities reported increases in February before seasonal adjustment; after seasonal adjustment, 19 cities saw prices rise.
“Housing’s strength and home building are important contributors to the economic recovery,” Blitzer pointed out. “Housing starts bottomed in March 2009 and, with a few bumps, have advanced over the last eight years. New home construction is now close to a normal pace of about 1.2 million units annually, of which around 800,000 are single family homes.”