U.S. single-family home prices continued rising sharply in the first two months of the year. The S&P CoreLogic Case-Shiller U.S. National Home Price index had double-digit year-over-year percentage gains for the past four months, including a 12% increase in February. The index kept rising throughout the pandemic last year.
In contrast, during last decade's downturn, the index peaked in mid-2006 before the pace of price increases slowed markedly. Starting in April 2007, there were year-over-year declines every month for the next five years. By that point, the index lost more than 27% of its value.