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Will February Prove to be the Last Positive Home Sales Report for Now?
Tuesday, April 28, 2020
In
what will probably prove to be the last full month of normal home sales for a
while, prices of homes accelerated significantly. The S&P CoreLogic
Case-Shiller U.S. National Home Price Index rose 4.2 percent in February
compared to a year earlier. The index, which covers all nine U.S. census
divisions, had posted a 3.9 percent annual increase in January. The
10-City and 20-City Composite Indices had similar gains. The former was up 2.9
percent year-over-year compared to 2.6 percent in January while the 20-City's
appreciation was 3.5 percent compared to 3.1 percent. Phoenix
again topped the list of 20 cities with an annual gain of 7.5 percent. It was
followed by Seattle at 6.0 percent and Tampa and Charlotte, each at 5.2 percent.
Seventeen of the 20 cities reported higher price increases in the year ending
February 2020 versus the year ending January 2020.
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