Single-Family Home Prices Rising at Historically High Rates

Single-family home prices in the U.S. continued to surge in January. Home prices jumped 19.2% year-over-year in January, up from 18.9% the previous month, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index which measures average home prices across the nation’s nine U.S. Census Divisions. Since April 2021, home prices have been rising at the fastest rates on record. And the annual increase in January was the fourth-largest increase over the past 35 years. The S&P CoreLogic Case-Shiller 20-City Composite Index posted a 19.1% annual gain in January, with Phoenix (32.6%), Tampa (30.8%) and Miami (28.1%) recording the biggest year-over-year gains. Of those 20 cities in the index, the smallest annual price gains in January were recorded in Washington, DC (11.2%), Minneapolis (11.8%) and Chicago (12.5%). While each of the 20 cities saw price increases in the year-ending January, 16 of those cities reported larger annual price increases in January than they recorded in December.