Prices for homes in the U.S. rose 6.2 percent in January, down slightly from a 6.3 percent gain the previous month, according to the S&P CoreLogic Case-Shiller National Home Price Index.
The 10-City Composite annual increase rose 6.0 percent, the same increase as the previous month, and the 20-City Composite annual increase rose to 6.4 percent in January, up from 6.3 percent in December 2017.
The highest year-over-year gain was recorded in Seattle, which saw a 12.9 percent price increase, followed by Las Vegas with 11.1 percent and San Francisco with a 10.2 percent price increase.
A low inventory of homes for sale remains a leading factor in the continued home price surge, according to David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices.
“While price gains vary from city to city, there are few, if any, really weak spots,” Blitzer said in a statement, noting that even cities with the smallest price gains, such as Chicago and Washington, have seen a 2.4 percent annual increase in home prices.
