Two new data reports covering January’s housing market are showing continued acceleration in home prices.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 4.1% annual gain in January, up from 4% the previous month. The 10-City Composite recorded an annual increase of 5.3%, up from 5.2% the previous month, while the 20-City Composite posted a 4.7% year-over-year gain, up from 4.5% in the previous month.
For January, the National Index and the 20-City Composite both posted a 0.1% month-over-month increase while the 10-City Composite posted a monthly return of 0.2% before factoring in a seasonal adjustment. After the seasonal adjustment, the National Index showed a 0.6% increase while the 10-City and 20-City Composites both posted increases of 0.5%.
New York, Chicago and Boston reported the highest year-over-year gains with year-over-year price increases of 7.7%, 7.5% and 6.6%, respectively, with Tampa mustering up the smallest year-over-year growth of 1.5%.
“Home price growth continued to moderate in January, reflecting a clear two-part story across the past year,” said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices. “Despite near-term softness, the S&P CoreLogic Case-Shiller Index remains historically elevated, and long-term homeowners have continued to build equity. The current cycle reinforces the value of real estate as a long-duration asset, but also highlights how sensitive home prices are to changes in financing conditions and buyer affordability.”
Separately, the Federal Housing Finance Agency’s (FHFA) House Price Index data found prices up 0.2% from December to January and up 4.8% from January 2024 to January 2025. The previously reported 0.4% price growth in December was revised upward to 0.5%.
For the nine census divisions, seasonally adjusted monthly home price changes ranged from -0.8% in the South Atlantic division to +1.0% in the West North Central division. The 12-month changes were all positive, ranging from +2.4% in the West South Central division to +8.2% in the Middle Atlantic division.
