Case-Shiller: Home price growth remained slow in February

“More than half of major U.S. metropolitan markets posted year-over-year price declines in February, signaling that the housing slowdown has broadened well beyond its Sun Belt origins,” Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices, said in the report.

Denver displaced Tampa as Case-Shiller’s weakest market, falling 2.2% annually while Tampa dropped 2.1%. Los Angeles (-0.8%) and Washington (-0.1%) joined the list of decliners.

Both HousingWire Data and Case-Shiller showed Phoenix and Dallas posting declines of roughly 2%.

Before seasonal adjustment, the Case-Shiller’s National Index rose 0.3% in February. After adjustment, the National and 10-City Composites were flat at 0.1% — while the 20-City Composite slipped 0.05%.

Over the trailing 12 months, prices gained 1.5% in the first half but fell 0.8% in the second half. Mortgage rates near 6% continued to weigh on affordability.

HousingWire Data reported 2.4 months of inventory for February.

Transaction delays from the recording office in Wayne County, Mich., the most populous county in the Detroit metro area, prevented a valid February update for the Detroit index.

S&P Dow Jones Indices said it will continue providing updates for months with missing data, adding that a valid January update was included in the release tables.