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Home prices unexpectedly rise 19.2% in January: Case-Shiller

Home prices unexpectedly rise 19.2% in January: Case-Shiller

Home prices unexpectedly rose 19.2% year-over-year in January, according to the S&P CoreLogic Case-Shiller Index, as limited supply and a race to lock in rising mortgage rates drove enticed buyers. 

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The 10-city composite saw an annual increase of 17.5% year-over-year in January, up from 17.1% the previous month, while the 20-city composite grew 19.1% year-over-year, up from 18.6% in the previous month. On a monthly basis, the 20-city index climbed 1.4% in January when non-seasonally adjusted and 1.8% when seasonally adjusted. 

Home prices unexpectedly rose 19.2% year-over-year in January, up from 18.6% in December, according to the S&P CoreLogic Case-Shiller Index.  (AP Photo/Steven Senne)

Sixteen of the 20 cities reported higher price increases in the year ending January 2022 versus the year ending December 2021, led by Phoenix, Tampa, and Miami. 

 Cities that saw prices rise the least were Washington, Minneapolis and Chicago. 

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Pending home sales, which measure signed contracts on existing homes, declined in February for the fourth consecutive month, according to the National Association of Realtors.  

“The macroeconomic environment is evolving rapidly. Declining COVID cases and a resumption of general economic activity has stoked inflation, and the Federal Reserve has begun to increase interest rates in response,” S&P DJI Managing Director Craig Lazzara said in a statement. “We may soon begin to see the impact of increasing mortgage rates on home prices.”

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