The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 2% annual gain for February, 2023. Their 10-City Composite annual increase came in at 0.4% and their 20-City Composite posted a 0.4% year-over-year gain. While both positive, the indices were once lower than previous months.
“The results released today pre-date the disruptions in the commercial banking industry which began in early March. Although forecasts are mixed, so far the Federal Reserve seems focused on its inflation-reduction targets, which suggests that interest rates may remain elevated, at least in the near-term. Mortgage financing and the prospect of economic weakness are therefore likely to remain a headwind for housing prices for at least the next several months” Said Craig J. Lazzara, Managing Director at S&P DJI.