The numbers: The S&P CoreLogic Case-Shiller 20-city index rose a seasonally adjusted 0.2% in February compared to January, and was 3.0% higher compared to a year ago. That was the slowest pace of annual growth since September 2012, and just missed the Econoday consensus forecast for a 3.2% yearly increase.

What happened: National home price appreciation has thudded back to earth, and a regional realignment is underway. In February, 14 of 20 cities reported monthly, seasonally adjusted price increases, but only one city had a stronger annual price increase than in January.