Home prices increased at the fastest rate since February 2006, climbing to an 11.2% annual gain in January, according to the S&P CoreLogic Case-Shiller Index.
The gain is up from 10.4% compared with December 2020.
The 10-City Composite annual increase was 10.9%, and the 20-City Composite annual increase was 11.1%.
Among the 20 cities, Phoenix, Seattle and San Diego reported the highest year-over-year home price gains, rising 15.8%, 14.3% and 14.2%, respectively.
“In more than 30 years of S&P CoreLogic Case-Shiller data, January’s year-over-year change is comfortably in the top decile,” S&P spokesperson Craig Lazzara said in a statement. “That strength is reflected across all 20 cities.”
Lazzara added that the January surge in home prices was consistent with the view that COVID-19 has driven potential buyers from urban apartments to suburban homes.
The full report can be found here.
