Home prices have stopped falling after several months of a downturn. According to S&P Case Shiller, the prices bumped up slightly in February. It is nothing like the run of increases that ran for almost two years, until late in 2022 when mortgage rates began to rise. However, it is at least a sign of hope. Across the 20 metros Case-Shiller measures with a base price from 2000, many markets have had extremely sharp increases in price. In a much smaller number, they have barely risen at all. (People are leaving these 11 states in droves.)<\/p>\n
U.S. home prices increased 0.2% month over month in February. Craig J. Lazzara, managing director at S&P DJI, commented “The National Composite, which had declined for seven consecutive months, rose a modest 0.2% in February, and now stands 4.9% below its June 2022 peak.”<\/p>\n
Despite the national slowdown, the prices in several cities continue to rise rapidly. Each is in the Sunbelt. In February, home prices rose 2% from last year nationally. In Miami, they rose 10.2%. In nearby Tampa, they were up 7.7%. There is no single reason for the sharp increases.<\/p>\n \t\t\t\t