Home prices rise in February

Home prices made nice gains in February, according to the widely watched S&P/Case-Shiller Home Price Indices, with all 20 cities tracked showing year-over-year improvement.

Data through February 2013, released today, show average home prices increased 8.6% and 9.3% for the 10- and 20-City Composites in the 12 months ending in February 2013. 

The 10- and 20-City Composites rose 0.4% and 0.3% from January to February.

All 20 cities covered by the indices posted year-over-year increases for at least two consecutive months. In 16 of the 20 cities annual growth rates rose from the last month; Detroit, Miami, Minneapolis and Phoenix saw slight annual deceleration ranging from -0.1 to -0.4 percentage points. Phoenix continued to stand out with an impressive year-over-year return of +23.0%. 

“Home prices continue to show solid increases across all 20 cities,” said David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. “The 10- and 20-City Composites recorded their highest annual growth rates since May 2006; seasonally adjusted monthly data show all 20 cities saw higher prices for two months in a row -- the last time that happened was in early 2005." 

Even though eight MSAs posted monthly declines, all 20 cities showed increases when compared with their February 2012 levels. Atlanta, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, Phoenix, San Diego, San Francisco and Tampa were the 10 MSAs that continued to report double-digit year-over-year gains. San Diego and Tampa recorded their first months of double-digit annual increases of just over 10.0%.

Atlanta, up 16.5%, and Dallas, up 7.1%, had the highest annual growth rates in the history of these indices since 1992 and 2001, respectively.