The S&P Case-Shiller Indices are considered to be among the leading measures of U.S. home prices. According to their most recent release, which covers data through January, home price increases were accelerating at the start of the year. In fact, their 20-city composite index was up 3.1 percent year-over-year, up from 2.8 percent the month before. Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, says the increases were broad based. “Results for the month were broad based with gains in every city in our 20-city composite; 14 of the 20 cities saw accelerating prices,” Lazzara said. “As has been the case since mid-2019, after a long period of decelerating price increases, the national, 10-city, and 20-city composites all rose at a faster rate in January than they had done in December.” In other words, high buyer demand combined with a lower number of homes for sale had begun to push prices upward after an extended downward trend. However, Lazzara cautions that their data predates the effects of the coronavirus and the impact that it may have on home prices. (source)
