S&P Dow
Jones Indices (S&P DJI) reported on Tuesday its Case-Shiller Home Price
Index, which tracks home prices in 20 U.S. metropolitan areas, demonstrated a 7.3
per cent y-o-y jump in February, following an unrevised 6.6 per cent y-o-y soar in January. This represented the largest annual increase in house
prices since October 2022 (+8.8 per cent).
Economists had predicted
a climb of 6.7 per cent y-o-y.
According to
the report, all 20 cities posted
y-o-y advances in prices in February, led by San Diego (+11.4 per cent
y-o-y), Chicago (+8.9 per cent y-o-y), and Detroit (+8.9 per cent y-o-y).
The
S&P/Case-Shiller U.S. National Home Price Index, which measures all nine
U.S. census divisions, surged 6.4 per cent y-o-y in February, following an unrevised 6.0 per cent y-o-y climb in the previous month.
On a m-o-m
basis, the U.S. National Index increased 0.6 per cent and the 20-City
Composite rose 0.9 per cent, recording
their first monthly gains since October 2023.