US home prices soared in January by most in seven years, says report

The biggest price gain was in Phoenix, where home prices jumped 15.8 per cent

US home prices increased at the fastest pace in seven years in January as the pandemic has fueled demand for single-family houses even as the supply for such homes shrinks.

The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, rose 11.1 per cent in January from a year earlier.

That's the biggest gain since March 2014. Prices rose in all 20 cities, and the 12-month increase was larger for all cities in January than in the previous month.

January's data remain consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes, said Craig Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI.

It's not yet clear whether that trend will fade as the pandemic is brought under control, Lazzara said, or if there will be a permanent shift higher in demand.

The biggest price gain was in Phoenix, where home prices jumped 15.8 per cent, followed by Seattle, with a 14.3 per cent gain, and San Diego, at 14.2 per cent.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel