The U.S. housing market is actually a combination of many local housing markets.
So, while the national average home price has been on the rise, it’s important to keep an eye on the local markets because a few local markets are likely to see prices fall before prices fall nationally.
The good news is that currently, prices are on the rise in all 20 cities tracked by S&P/Case-Shiller.
Societe Generale economist Brian Jones expects this trend to continue at least in the near term.
“All of the metropolitan areas canvassed likely will record higher seasonally adjusted selling prices than in January,” said Jones previewing today’s February report.
S&P/Case-Shiller will release their latest numbers at 9:00 a.m. ET.