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.