Home prices increased 3.9% in February compared to the same month a year ago, down from a 4.1% rise the previous month, according to the S&P CoreLogic Case-Shiller Index. The 10-city composite rose 5.2% year over year compared to a 5.4% increase the previous month. The 20-city composite increased 4.5% year over year, down from a 4.7% increase the previous month. New York City reported the highest year-over-year gain among the 20 cities with a 7.7% increase in February, followed by Chicago and Cleveland, with increases of 7% and 6.6%, respectively.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices rose 0.1% in February compared to the previous month. Home prices were up 3.9% from a year ago. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
