The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index logged a 5.9% annual gain in January, up from 5.7% in the previous month, to mark a 31-month high.
The 10-city composite reported a 5.1% annual increase, up from 4.8% in December 2016, and the 20-city composite logged a 5.7% year-over-year gain in January, up from 5.5% in the previous month.
David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices said in a release: "Housing and home prices continue on a generally positive upward trend."
Blitzer noted that the recent quarter-percentage-point Fed funds rate increase "is expected to add less than a quarter percentage point to mortgage rates in the near future."
"Given the market's current strength and the economy, the small increase in interest rates isn't expected to dampen home buying," Blitzer said.
Seattle; Portland, Ore.; and Denver had the highest year-over-year increases among the 20 cities during the last 12 months. Seattle logged an 11.3% year-over-year price increase, followed by Portland and Denver with 9.7% and 9.2% increases, respectively. For the year ended in January, 12 cities reported higher price increases compared to the year ended December 2016.
On a seasonally adjusted month-over-month basis, the national index rose 0.6%, and the 10-city and 20-city composites logged 0.9% increases. Before seasonal adjustment, the national index inched up 0.2% in January from the previous month, and the 10-city and 20-city composites notched month-over-month increases of 0.3% and 0.2%, respectively.
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