US home prices hit a new record high in January, with the S&P CoreLogic Case-Shiller US National Home Price index rising 6% from the previous year, the fastest increase since late 2022. All cities reported annual price increases, with San Diego surging 11.2%. However, high mortgage rates and borrowing costs limited price growth, especially in the largest metro areas. On a month-over-month basis, prices rose 0.4% on a seasonally adjusted basis, but 17 of the 20 metro areas recorded price declines from December to January.
US home prices reached a new peak in December, with a 0.2% increase from the previous month, marking seven consecutive record highs in 2023. Compared to the previous year, national home prices rose by 5.5%, surpassing the 5% annual gain in November. Half of the 20 metro markets, including Las Vegas, saw prices exceeding previous records, indicating a strong housing market.
US home prices rose unexpectedly in February, ending seven consecutive months of price declines, as buyers came back into the market. The S&P CoreLogic Case-Shiller U.S. National Home Price index rose 0.2% in February compared with the previous month, according to data released on Tuesday. On a yearly basis, the index climbed 2.0% in February — lower than the 3.7% annual gain recorded in January. The Southeast remains the country’s strongest region, with price gains of 7.8% in February, according to S&P CoreLogic Case-Shiller U.S. National Home Price index.
