The index measures the value of residential real estate nationally and in 20 major U.S. metropolitan areas, including Phoenix.
The Phoenix Business Journal reported results show Phoenix home prices up 2.9 percent in February compared to a year ago, which is not as virile as the price gains seen in other Western cities such as Denver, which saw a 10 percent year-over-year gain.
However, from a national perspective, Bloomberg reported that home prices climbed at a faster pace than forecast in the year ended February.
The S&P/Case-Shiller U.S. National Home Price Index is a composite of single-family home price indices for the nine U.S. Census divisions and is calculated monthly.
To read the Business Journal report, click here.
For a more national perspective, click here.