US home prices increased rose 19.1% year-over-year in January, up from 18.9% in December as measured by the CoreLogic Case-Shiller 20-city home price index. Biggest rises were Phoenix, Tampa and Miami at 32.6%, 30.8% and 28.1%, respectively.
- Case-Shiller January US 20-city home price index +19.1% y/y vs +18.6% prior
- Prices up 1.4% m/m
- FHFA index +18.2% y/y vs +17.7% prior
- FHFA index +1.6% m/m
The strength in home prices continues to be very broadly based. All 20 cities saw price increases in January, with prices in 16 cities accelerating relative to December’s report.
The biggest gains were reported in Phoenix (32.6%), followed by Tampa (30.8%) and Miami (28.1%).
“The macroeconomic environment is evolving rapidly. “Declining COVID cases and a resumption of general economic activity has stoked inflation, and the Federal Reserve has begun to increase interest rates in response. We may soon begin to see the impact of increasing mortgage rates on home prices.” – said Craig J. Lazzara, Managing Director at S&P DJI
Source: S&P CoreLogic Case-Shiller
From The TradersCommunity News Desk