Home prices soar even higher in February, despite higher mortgage rates, says S&P Case-Shiller

In February, U.S. home prices surged by 6.4% year-over-year, marking the quickest growth since November 2022, as reported by the S&P CoreLogic Case-Shiller national home price index. This increase follows a 6% annual gain the previous month. San Diego experienced the most significant rise among the 20 cities in the index, with an 11.4% increase.

Despite rising mortgage rates, strong demand and limited supply continue to drive up home values. The 10-city composite escalated by 8%, and the 20-city composite saw a 7.3% rise. All cities noted annual price increases for the third consecutive month, with four cities reaching all-time highs.