U.S. home prices were rising at a quickening pace, according to the S&P CoreLogic Case-Shiller national home price index (not seasonally adjusted) for January released Tuesday. The year-over-year increase of 3.9% was 0.1 percentage points above the December increase.
In 2019, the Case-Shiller index rose sequentially every month. January continued the pace, but the stay-at-home orders are going to have an impact on the February report, and the March report may be just the first in a string of “worsts” depending on how long the U.S. economy remains essentially shut down.
In January, home prices jumped by 6.9% year over year in Phoenix, the largest increase among the cities in the index’s 20-city composite group. Prices rose 5.1% in Charlotte and Seattle. No city posted a year-over-year price decline. Minneapolis and Chicago posted year-over-year gains of 0.8% and 0.6%, respectively, the lowest among the 20-city group.
On a non-seasonally-adjusted (NSA) basis, the national index was flat in January and the 10-city index fell by 0.1 points, while the 20-city index remained unchanged month over month. The consensus economists’ estimate called for the 20-city average home price to stay flat year over year unadjusted and to rise by 0.4% month over month adjusted. Prices rose 0.5% month over month on a seasonally adjusted basis.
In all U.S. cities included in the January 20-city home price index, 12 posted NSA month-over-month price increases. Cities posting lower prices were Chicago (0.9%), Minneapolis (0.7%) and San Francisco (0.5%), while three cities posted declines of 0.3%: Boston, Cleveland and New York. Charlotte and Detroit posted 0.1% dips, and Washington, D.C., prices remained flat.
Craig Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices, said:
The trend of stable growth established in 2019 continued into the first month of the new year. … It is important to bear in mind that today’s report covers real estate transactions closed during the month of January. The COVID-19 pandemic did not begin to take hold in the U.S. until late February, and thus whatever impact it will have on housing prices is not reflected in today’s data.
24/7 Wall St.Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.