Home Price Appreciation Amps Back Up

Home-price appreciation accelerated in January, with the S&P CoreLogic Case-Shiller 20-City Home Price Index (HPI) rising 1.8%. The 20-City Index is now up 19.1% year-to-year, up from 18.6% a month earlier. The FHFA Home Price Index also rose more than expected in January, climbing 1.6%, or 0.4 percentage points ahead of expectations. The FHFA HPI is now up 18.2% year-to-year. Home Prices Continue to Rise Across the Country Home-price appreciation accelerated in January, with the S&P CoreLogic Case-Shiller Home Price Index (HPI) registering larger-than-expected gains during the month. The National HPI rose 1.6% in January and is now up 19.2% year-over-year, while the 10-City and 20-City indices both rose 1.8% and are up 17.5% and 19.1% year-over-year, respectively. Price increases are broad based, with 16 of the 20 markets in the 20-City composite posting larger gains in January than they did in December. Prices are rising the fastest in markets that are seeing the strongest population inflows. Phoenix (+32.6%), Tampa-St. Petersburg (+30.8%), and Miami (+28.1) have experienced the strongest year-over-year gains. San Francisco saw the largest acceleration in home prices during January, with its 3.2% rise topping all other metros and marking a sharp acceleration from the December’s 1.7% increase. On a year-over-year basis, home prices in San Francisco are up 20.9%. Washington D.C. (+11.2%) and Minneapolis (+11.8%) posted the smallest year-to-year price gains, followed by Chicago (+12.5%), Boston (+13.3%), Cleveland (+13.3%) and New York (+13.5%). READ FULL ARTICLE>>