U.S. house prices continued to show no signs of slowing, hitting their highest in nearly three years as demand remains hot, especially in the Pacific Northwest and Dallas.
The S&P/Case-Shiller 20-city index rose 5.9% in the three-month period ending in February compared to the same period a year ago, an acceleration from its 5.7% yearly increase in January. This is the highest rate since July 2014.
The 20-city index was up 0.4% for the month, or a 0.7% gain when seasonally adjusted.
Economists had forecast a 0.8% monthly gain and a 5.8% yearly gain for the 20-city index.
| Metro | Monthly change (%) | 12-month change (%) |
| Atlanta | 0.4 | 5.6 |
| Boston | 0.4 | 7.6 |
| Charlotte | 0.5 | 6.1 |
| Chicago | 0.2 | 6.2 |
| Cleveland | -0.3 | 4.5 |
| Dallas | 1.1 | 8.8 |
| Denver | 0.4 | 8.5 |
| Detroit | 0.3 | 6.2 |
| Las Vegas | 0.4 | 6.3 |
| Los Angeles | 0.4 | 5.1 |
| Miami | 0 | 6.7 |
| Minneapolis | 0.1 | 5.9 |
| New York | 0 | 3.2 |
| Phoenix | 0.4 | 5.3 |
| Portland | 0.8 | 9.7 |
| San Diego | 1 | 6.5 |
| San Francisco | 1.2 | 6.4 |
| Seattle | 1.9 | 12.2 |
| Tampa | -0.5 | 6.9 |
| Washington | 0.2 | 4.1 |
The national index, which just a few months ago regained the high last seen during the housing bubble of a decade ago, rose 5.8% for the year, a 32-month high.
The largest price increases are still in the Pacific Northwest, including Seattle and Portland. Dallas replaced Denver in the top three with an 8.8% increase.
Only Cleveland and Tampa saw prices fall in the February period. Prices were flat in New York and Miami.
Separately, the Federal Housing Finance Agency also released home-price data for February, which is based on mortgages backed or guaranteed by FHFA-regulated Fannie Mae and Freddie Mac. It showed a seasonally adjusted 0.8% rise for February and a 6.4% year-over-year improvement.
Over 12 months, the Mountain region — Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona and New Mexico — had the fastest growth of 9.5%.
The post U.S. Home-Price Growth Climbs at Fastest Rate in Nearly Three Years appeared first on Real Estate News & Advice | realtor.com®.
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