The numbers: Home prices in the 20 biggest U.S. metropolitan areas inched up to a new record high, as home-buying demand continued to outpace the availability of properties for sale.
The S&P CoreLogic Case-Shiller 20-city house-price index rose 0.6% in February, compared with the previous month.
Home prices in the 20 major U.S. metropolitan markets were up 7.3% in the 12 months ending in February.
A broader measure of home prices, the national index, rose 0.4% in February and also was up 6.4% over the past year. All numbers are seasonally adjusted.
The national index also rose at the fastest annual pace since November 2022.
The 20-city and the national index are both at all-time highs.
Key details: San Diego posted the biggest year-over-year home-price gains in February. Prices were up 11.4%.
All 20 major markets reported yearly gains.
Home prices grew at the slowest rate in Portland, Ore., at 2.2%.
A separate report from the Federal Housing Finance Agency showed home prices rose 1.2% in February from the previous month and were up 7% in the past year.
The median price of a resale home was $383,800 in February, and a newly built home was $406,500.
Couple things to add, inflation is definitely adding to the cost of new homes, and Blackrock has apparently been snapping up as much residential real estate as they can,,, from what i have read.