Home prices may finally be beginning to slow for many of the biggest cities in the country. In February, home prices rose 0.2 percent nationally, and while they rose 5.4 percent compared to a year ago, they rose at a slightly slower pace than in January, MarketWatch reports.
13 cities in the S&P/Case Shiller 20-City index had slower annual gains in the three-month period ending in February than the period ending in January. The Case-Shiller 20-City index is about 12 percent lower than its peak in 2006, but it is still 36.3 percent higher than the low in reached in 2012.
On a month-by-month basis Cleveland, New York, and Minneapolis experienced the biggest drops at -0.6 percent, -0.5 percent, and -0.4 percent respectively. The biggest monthly gains belonged to Seattle, San Francisco (both saw 1.1 percent increases), and Denver (0.9 percent).
Portland experienced the largest 12-month change at 11.9 percent followed by Seattle (11.0 percent) and Denver (9.7 percent). The smallest 12-month changes occurred in Washington, D.C. (1.4 percent), Chicago (1.8 percent), and New York (2.1 percent).
Tight inventory continues to be the fan stoking the fire and as the market grows healthier and more people begin to look to purchase a home, the tight inventory will be felt even more. Especially in the busy spring season, many prospective buyers who are venturing out for the first time with plans of buying a home may find they are unable to do so.
To see the full list of monthly and 12-month changes among the 20 City index, click the link below.
