United States: House prices grow at quickest pace since May 2013 in February
The S&P/Case-Shiller 20-city composite home price index rose 2.4% in month-on-month terms in February, which followed January’s 1.4% increase. The result marked the strongest expansion since May 2013.
On an annual basis, house prices grew 20.2% in February, which was better than January’s 18.9% expansion and marked the best result on record. The annual figure was led by price growth in Phoenix, Tampa and Miami.
Looking forward, our panelists see house price growth eventually cooling later this year as sharply rising interest rates increase the cost of taking out a mortgage.