Home Price Increases Start Year Off Strong
The S&P Case-Shiller Indices are considered among the leading measures of U.S. home prices. The index covers all nine Census divisions and is calculated quarterly. According to their most recent release, home prices began the year much the way they ended 2021. Double-digit increases were found in each category, with year-over-year gains slightly higher than the month before. Put simply, home prices continue to rise. Craig J. Lazzara, managing director at S&P, says they're moving higher in markets nationwide. “The strength in home prices continues to be very broadly based,” Lazzara said. “All 20 cities saw price increases in January 2022, with prices in 16 cities accelerating relative to December's report. January's price increase ranked in the top quintile of historical experience for 19 cities, and in the top decile for 17 of them.” Prices rose fastest in the South and Southeast, with Tampa and Miami trailing Phoenix for the nation's fastest rising prices. Phoenix has led all cities for 32 consecutive months.