Recent U.S. house prices picked up in February, rising 0.5%, according to the S&P/Case-Shiller. This adds to Communications & Resear ch’s prediction that the Midwest economy will continue to grind higher.
U.S. house prices picked up in February, rising 0.5%, according to the S&P/Case-Shiller 20-city composite index released Tuesday.
Among the 16 cities that saw home prices rise, San Francisco and Denver had the fastest growth. Meanwhile, Cleveland posted the sharpest price drop, falling 1%. After seasonal adjustments, home prices rose 0.9% in February, matching January’s gain. Compared with February 2014, prices for the 20-city index were up 5% — the fastest growth in half a year.
“Home prices continue to rise and outpace both inflation and wage gains,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices, in a statement. Economists polled by Dow Jones Newswires had expected year-over-year price growth of 4.8% in February. Through February home prices were about 16% below a 2006 peak.