Overview
- The S&P Cotality Case-Shiller 20-City index fell 0.1% month over month in February, missing a 0.2% gain that forecasters expected.
- The FHFA home price index was flat for the month after a downward revision to the prior reading, and its year-over-year pace eased to 1.7%.
- National growth slowed to 0.7% year over year even after mortgage rates briefly dipped below 6% in late February.
- Price moves varied by metro, with Chicago, New York, and Cleveland posting gains while Tampa, Phoenix, Dallas, Miami, Los Angeles, Washington, and Denver saw declines.
- Case-Shiller tracks repeat sales of the same single-family homes and reports a three-month average with a two-month lag, so the February reading reflects closings from December through February.