The S&P CoreLogic Case-Shiller United States National Home Price Index in January increased 5.9 percent year-over-year, up from 5.7 percent reported in December. The gain sets a 31-month high, according to the report.
The 10-City Composite showed a 5.1 percent annual increase, up from 4.8 percent in December. The 20-City Composite reported a year-over-year gain of 5.7 percent, up from 5.5 percent in December. Among the 20 cities, the highest year-over-year gains were reported in Seattle, 11.3 percent; Portland, 9.7 percent; and Denver, 9.2 percent.
Month-over-month, the National Index reported a 0.6 percent increase in January. The 10- and 20-City Composites both recorded a 0.9 percent increase.
“Housing and home prices continue on a generally positive upward trend,” said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices, in a statement. “The recent action by the Federal Reserve raising the target for the Fed funds rate by a quarter percentage point is expected to add less than a quarter percentage point to mortgage rates in the near future.”
