Home prices surge to another record high in February
Real estate agent Mauricio Umansky says high mortgage rates, high prices and low supply are creating difficulties for homebuyers on 'The Claman Countdown.'
Home prices rose to a new record in February amid an ongoing housing shortage, even as high mortgage rates pushed affordability out of reach for more Americans.
Prices increased 6.4% nationally in February when compared with the previous year, the S&P CoreLogic Case-Shiller index showed on Tuesday. That is up from the 6% annual increase recorded the prior month. It marks the fastest pace of growth since November 2022.
On a monthly basis, prices climbed 0.4%, according to the index.
«Home prices continue to defy expectations in the face of high mortgage rates and worsening affordability,» said Lisa Sturtevant, Bright MLS chief economist.
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Homes in the Issaquah Highlands area of Issaquah, Washington, on April 16, 2024. (Photographer: David Ryder/Bloomberg via Getty Images / Getty Images)
The 10-city composite, which encompasses Los Angeles, Miami and New York, rose 8% annually, compared with an increase of 7.4% in January. The 20-city composite, which also tracks housing prices in Dallas and Seattle, posted an annual gain of 7.3%, which also marks an increase from the 6.6% figure recorded the previous month.
Prices rose in 18 of the 20 major metro markets tracked by the index.
The largest price gain took place in San Diego, which recorded a year-over-year increase of 11.4%. It was followed by Chicago and Detroit, each with an 8.9% increase. In fact, home prices in San Diego, Los Angeles, Washington, D.C. and New York all hit an all-time high in February.
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Portland,
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