In February, national home prices increased by 3.9%, a slowdown from January's 4.1% annual gain, as reported by the S&P CoreLogic Case-Shiller Index. The index tracked average price growth of 4.5% across 20 major U.S. metros, down from 4.7%. The only annual price decline was noted in Tampa, FL, at -1.5%. Nicholas Godec of S&P suggests that while buyer demand has decreased, limited housing supply is stabilizing prices. Furthermore, regional variations are significant, with cities like New York continuing to see growth while the South and West face cooling demands due to affordability issues.
"Buyer demand has certainly cooled compared to the frenzied pace of prior years, but limited housing supply continues to underpin prices in most markets," says Nicholas Godec.
"The housing market varies significantly by region," says Realtor.com® Senior Economic Research Analyst Hannah Jones.
"Rather than broad declines, we are seeing a slower, more sustainable pace of price growth," Nicholas Godec explains the current trend.
"Markets that saw some of the largest price increases during the COVID-19 pandemic-era housing boom are now struggling with slow price growth due to affordability challenges."
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