Big-City Home Prices Appreciate Nationwide


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Home prices in cities across the nation are picking up steam.

 

Prices in the 20 metropolitan areas measured by the S&P/Case-Shiller 20-City Composite Home Price Index rose 5% year over year in February, compared with a 4.5% gain in January. February’s increase was the largest monthly gain for the index since July 2014.

 

“We’ve seen a lot of people come back into the market on the buy side,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. “Clearly, we’re still benefiting from very low mortgage rates for those people who can easily qualify for a mortgage.”

 

The broader S&P/Case Shiller Home Price Index, which covers the entire U.S., rose 4.2% year over year in February, vs. a 4.4% gain in January.

 

But, as we always say at the Ebby Blog, real estate is local: Denver and San Francisco showed the most price inflation over the past year, with gains of 10% and 9.8%, respectively. Dallas was close behind – and fourth nationwide – at 8.6%.