As shown at left, home prices moderated somewhat in the month of February. This is in-line with declining new home prices. The Case-Shiller 20 City Home Price composite rose 66 bps MoM versus a 0.8% gain expected. On a YoY basis, the 20 City Composite is up 5.35% versus 5.50% expected and 5.75% last month. At left, we show the 3-month annualized rate of change for home prices on a national basis. A shown, while still close to the +10.23% pace recorded last month, price appreciation in the 20-city index has slowed somewhat. NYC metro home prices continue to lag, up 2.85% at an annual pace from November to February, while Seattle home prices continue to rip, up 18.59% annualized for the three month period ending February; that was the same pace as January.
The heat map below color codes the YoY monthly changes in prices for each region in the Case-Shiller indices. Green shading represents periods where each city saw its strongest YoY growth relative to all other months while red shading indicates those months where each city showed the slowest growth. On a YoY basis, the housing market is without a doubt strongest in the West, with the Pacific Northwest cities of Portland and Seattle continuing to surge (the only two markets up by double digits YoY). Denver is also blistering, and despite oil price weakness, Dallas retained its above-average 9% YoY home price growth rate. Momentum has slowed in the Southeast with Atlanta and Charlotte both off recent highs in terms of price gains.
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