The Case-Shiller National Home Price index rose by 0.3% in February before seasonal adjustment following a 0.2% decrease in January.
The 10-city index rose by 0.6% in the month, while the 20-city index was up 0.4%.
National home prices were up 0.7% year-over-year, down from a 0.8% annual gain in January.
"More than half of major U.S. metropolitan markets posted year-over-year price declines in February, signaling that the housing slowdown has broadened well beyond its Sun Belt origins," said Nicholas Godec, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices.
National home prices were up 0.1% month-over-month in February after seasonal adjustment, with the 10-city measure up 0.1% but the 20-city measure 0.1% lower.
The monthly home price index report from S&P CoreLogic Case-Shiller measures single-family home prices across the US with a two-month lag, broken down by city, with combined measures of the 10 and 20 largest cities and a national index. Case-Shiller reports percentage gains both from the previous month and a year earlier.
Higher home prices are inflationary and are usually negative for bonds. The possible outcome for housing-related stocks is mixed, as higher prices suggest strong demand, but prices that are accelerating too fast can also deter potential buyers.