The U.S. housing market showed signs of softening in February, as the seasonally adjusted S&P/Case-Shiller 20-City Home Price Index (HPI) slipped into negative territory on a month-over-month basis. According to data updated on 28 April 2026, the composite index declined by 0.1% in February 2026, following a 0.2% increase in January 2026.
The shift marks a reversal from the previous month’s modest gain and suggests that momentum in major metropolitan housing markets may be cooling. On a month-over-month comparison, the “actual” reading for February reflects the change from January to February, while the “previous” figure captures the change from December 2025 to January 2026. With the latest print moving from +0.2% to -0.1%, the data point to a marginal but notable loss of price traction across the 20-city composite.
