Home prices increased 6.4% in February compared to the same month a year ago, up from a 6% rise the previous month, according to the S&P CoreLogic Case-Shiller Index released today. The 10-city composite rose 8% year over year compared to a 7.4% increase the previous month. The 20-city composite increased 7.3% year over year, up from a 6.6% increase the previous month. San Diego reported the highest year-over-year gain among the 20 cities with an 11.4% increase in February, followed by Chicago and Detroit, with increases of 8.9%.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices rose 1.2% in February compared to the previous month. Home prices were up 7% year over year. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
