Mid-year release of the Case-Shiller Home Price Index

U.S. Home Prices Rise 6.4% in February, Exceed Expectations Despite Higher Rates

Apr 30, 2024, 01:04 PM

In February, U.S. home prices continued to rise, with the Case-Shiller Home Price Index reporting a 6.4% increase year-over-year. This growth in home prices occurred despite higher mortgage rates, reaching new highs and maintaining affordability near record lows. The index also showed a 0.6% rise from January 2024 to February 2024, which was 1.3% above the peak of 2022. Additionally, the February readings exceeded expectations, with a 7.29% annual increase and a 0.61% monthly rise on a seasonally adjusted basis, surpassing the forecasted 6.70% yearly and 0.10% monthly gains.