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The
S&P CoreLogic Case-Shiller composite index of 20 metropolitan
areas rose 5.9 percent in February on a year-over-year basis,
after an unrevised 5.7 percent increase in January. February's
result topped the estimate of a 5.7 percent increase from a
Reuters poll of economists and was the biggest year-on-year
increase since July 2014.
David M. Blitzer, managing director and chairman of the index
committee at S&P Dow Jones Indices, said the low stock of
existing homes for sale - currently just 3.8 months of supply at
current sales rates - is bolstering the price increases.
"Housing affordability has declined since 2012 as the pressure
of higher prices has been a larger factor than stable to lower
mortgage rates," he said.
On a monthly basis, prices in the 20 cities rose 0.7 percent in
February on a seasonally adjusted basis, the survey showed, just
shy of expectations for a 0.8 percent increase.
On a non-seasonally adjusted basis, prices increased 0.4 percent
from January.
(Reporting by Dan Burns; Editing by Chizu Nomiyama)
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