Home price gains were strong in January, says S&P Case-Shiller, before coronavirus hit US economy
An ‘Open House’ sign is displayed in the front yard of a home for sale in Columbus, Ohio.
Ty Wright | Bloomberg | Getty Images
Home prices were seeing even bigger gains in January than all of last year, but that was before the coronavirus hit the U.S., shutting down much of the economy and the housing market. Now there are forecasts that home values will weaken significantly.
Nationally, home prices rose 3.9% annually, up from 3.7% in December, according to the S&P CoreLogic Case-Shiller Indices. The 10-City Composite showed an increase of 2.6%, up from 2.3% in the previous month. The 20-City Composite posted a 3.1% annual gain, up from 2.8% in the previous month.
Phoenix, Seattle and Tampa continued to lead with the highest annual gains among the 20 cities. In January, Phoenix prices were up 6.9% year-over-year, and Seattle and …continued .
[Source: CNBC News]