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Numbers: The S & P CoreLogic Case-Shiller index of 20 cities recorded a seasonally adjusted 0.2% increase in February from January, up 3.0% from the previous year. This is the slowest annual growth rate since September 2012 and the Econoday Consensus gap of nearly 3.2%.
What happened: The appreciation of home prices nationwide has returned to normal and a regional realignment is underway. In February, 14 out of 20 cities reported seasonally adjusted monthly price increases, but only one city experienced an annual price increase higher than in January.
Big picture: California, piqued by the changes in the 2017 tax legislation, is no longer at the top. In fact, Los Angeles, San Francisco and San Diego experienced the lowest annual price growth in the three months to February. But Americans still enjoy the hot weather and moderately priced accommodations: the three busiest subways are Las Vegas, Phoenix and Tampa.
| subway station | Monthly change | 12 months change |
| Atlanta | 0.2% | 4.7% |
| Boston | -0.4% | 3.2% |
| Charlotte | -0.1% | 4.2% |
| Chicago | 0.0% | 2.2% |
| Cleveland | -0.3% | 2.8% |
| Dallas | 0.2% | 3.4% |
| Denver | 0.9% | 4.7% |
| Detroit | 0.1% | 4.0% |
| Las Vegas | 0.3% | 9.7% |
| Los Angeles | 0.0% | 1.8% |
| Miami | 0.1% | 4.3% |
| Minneapolis | -0.4% | 4.4% |
| New York | 0.1% | 2.6% |
| Phoenix | 0.1% | 6.7% |
| Portland | 0.1% | 3.0% |
| San Diego | 0.9% | 1.1% |
| San Francisco | 0.6% | 1.4% |
| Seattle | 0.6% | 2.8% |
| Tampa | 0.7% | 5.4% |
| Washington | 0.3% | 3.0% |
What they say: "New home sales, housing starts and residential investments have had similar similar trajectories over the past year," said David Blitzer, chair of the index committee for the S & P Dow Jones indices.
Related: We are probably in peak periods. Here is what it means.
Market reaction:The 10-year US Treasury Bill
TMUBMUSD10Y, + 0.46%
, which sets the tone for fixed rate mortgages, has come out of its recent low but remains at one of its lowest levels of the year. Along with the slowdown in price growth, this helps to level the playing field in the housing market.
Lily: Want to take advantage of the housing shortage? There is a new ETF for this.
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