S&P/Case-Shiller released the monthly Home Price Indices for January (“January” is a 3 month average of November, December and January prices).
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported an 11.2% annual gain in January, up from 10.4% in the previous month. The 10-City Composite annual increase came in at 10.9%, up from 9.9% in the previous month. The 20-City Composite posted an 11.1% year-over-year gain, up from 10.2% in the previous month.
Phoenix, Seattle, and San Diego continued to report the highest year-over-year gains among the 20 cities in January. Phoenix led the way with a 15.8% year-over-year price increase, followed by Seattle with a 14.3% increase and San Diego with a 14.2% increase. All 20 cities reported higher price increases in the year ending January 2021 versus the year ending December 2020.
Las Vegas NV is the slowest growing city in terms of prices, but still at 8.5% YoY. Even tax-heavy Chicago posted an 8.9% YoY gain in prices.
Yes, The Federal Reserve is throwing gas on the housing bubble.
And lumber prices have over tripled in the last year.
And then there is FHFA purchase-only home price index growing at 12% YoY.