U.S home prices post 6.2% annual gain in Jan 2018

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Real Estate

WASHINGTON (AP) – March 27, 2018 – U.S. home prices posted another big gain in January, pushed higher by a shortage of homes for sale.

Standard & Poor's said Tuesday that its S&P CoreLogic Case-Shiller national home price index climbed 6.2 percent in January from a year earlier. That nearly matches December's 6.3 percent gain, which had been the fastest 12-month growth in almost three years. The January increase was in line with economists' expectations.

"The home price surge continues," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.

As the spring home-buying season begins, house shoppers are facing higher prices and fierce competition for a limited inventory of available homes. But a strong job market has given American consumers, including an influx of younger millennials, the confidence to shop for homes anyway.