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Case-Shiller Home Prices:  Steady Gains Continue

April 25, 2017
Bottom Line: Prices continued to rise steadily in February with year-on-year gains nationally showing some acceleration relative to the steady 5% annual pace seen from 2014 to 2016. The strongest markets -- Seattle, Portland, Denver - continued to see price gains. But gains were broad with even slower markets -- D.C., New York, Cleveland - now seeing year-on-year home price gains of 3.5 - 5%. Overall, tight supply conditions are continuing to support home prices and drive some modest acceleration in prices relative to what we've seen for the last two years.

Case Shiller 20-City Home Price Index ROSE by 0.7% (seasonally adjusted) in February to 196.7, compared with market expectations for an increase of 0.7%. Home prices are 5.8% ABOVE their year ago level. Nationwide home prices are still 4.8% BELOW their April 2006 peak, near April2005 levels and 43.8% ABOVE their January 2012 trough.

On a non-seasonally adjusted basis, the home price index ROSE by 0.4% on the month. Housing prices rose in 20 of the 20 metro areas in February (on a seasonally adjusted basis) and in 20 of 20 metro areas on a year-over-year basis.

New York had the smallest year-over-year increase at 3.5% while Seattle had the largest year-over-year increase at 13.4%.