S&P Cotality Case-Shiller Index Reports Annual Growth in February 2026

The S&P Dow Jones Indices (S&P DJI) has published the results for February 2026 concerning the S&P Cotality Case-Shiller Indices. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which encompasses all nine U.S. census divisions, indicated a 0.7% annual increase for February. The 10-City Composite experienced an annual rise of 1.5%, a decrease from the 1.7% increase noted in the prior month. The 20-City Composite recorded a year-over-year growth of 0.9%, down from a 1.2% increase in the previous month.

Among the 20 cities analyzed, the popular Chicago metro exhibited the highest annual growth with a 5.0% increase in February, followed by New York and Cleveland, which saw annual increases of 4.7% and 4.2%, respectively. Conversely, Denver recorded the lowest return in February, declining by 2.2%.

In February, over 50% of significant U.S. metropolitan areas experienced year-over-year price decreases, with Denver (-2.2%) surpassing Tampa, FL, as the weakest market, while Los Angeles and Washington also entered the list of declining markets.

“More than half of major U.S. metropolitan markets posted year-over-year price declines in February, signaling that the housing slowdown has broadened well beyond its Sun Belt origins,” said Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. “The S&P Cotality Case-Shiller National Home Price Index rose just 0.7% year-over-year in February, down from 0.8% in January. With consumer inflation at 2.4%, U.S. home values have lost ground in real terms for nine consecutive months.”

The U.S. National, 10-City Composite, and 20-City Composite Indices, when pre-seasonally adjusted, showed annual increases of 0.3%, 0.6%, and 0.4%, respectively.

Additionally, for the ninth month in a row, inflation exceeded the national home price appreciation rate. The Consumer Price Index (CPI) was 1.7 percentage points higher than the 0.7% annual increase, prolonging the trend of negative real returns on home prices.

“The geographic mix has shifted meaningfully,” Godec added. “Mountain West (Denver -2.2%) and Pacific Northwest (Seattle -2.0%) markets now sit alongside Sun Belt decliners Tampa (-2.1%), Phoenix (-1.8%), and Dallas (-1.7%). Los Angeles (-0.8%) and Washington (-0.1%) joined the list of decliners, while Tampa’s decline narrowed for a fourth consecutive month and Denver displaced it as the weakest market in the index. Leadership remains concentrated in Midwest and Northeast markets,” Godec said. “Chicago led all metros at 5.0% annual growth, followed by New York (4.7%) and Cleveland (4.2%)—the same trio that has anchored this cycle’s leadership. The 7.2 percentage point spread between Chicago and Denver illustrates how localized the housing story has become.”

Following seasonal adjustment, the U.S. National and 10-City Composite Indices indicated a monthly rise of 0.1%. Conversely, the 20-City Composite Index experienced a decline of 0.05%. The 10-City and 20-City Composites indicated year-over-year growths of 1.5% and 0.9%, respectively.

“Monthly data offered a modest seasonal lift without underlying momentum,” Godec said. “The National Index rose 0.3% before seasonal adjustment, but after adjustment the National and 10-City Composites were essentially flat at 0.1% and the 20-City Composite slipped 0.1%. The H1/H2 split reinforces the picture: a 1.5% gain over the first six months of the trailing 12 gave way to a 0.8% decline over the most recent six. Mortgage rates near 6% continue to weigh on affordability and transaction activity, holding nominal price growth below inflation.”

Note: The S&P Cotality Case-Shiller Indices could be revised for the prior 24 months, based on the receipt of additional source data.

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