By Moira Ritter
CoStar News
Summary:
The S&P Corelogic Case-Shiller Index revealed a robust 6.4% annual increase in single-family house prices in the United States in February, surpassing January’s record-high growth. All cities in the index reported annual price growth, with San Diego experiencing the largest increase for the second consecutive month. Despite economic uncertainty, fueled by inflation concerns and rising mortgage rates, housing prices continue to soar, reaching all-time highs in cities like San Diego, Los Angeles, New York, and Washington, D.C. However, this persistent growth, coupled with limited supply and higher mortgage rates, is exacerbating housing affordability issues, prompting more prospective buyers to opt for renting over buying.