Home prices increased 4.1% in January compared to the same month a year ago, up from a 4% rise the previous month, according to the S&P CoreLogic Case-Shiller Index released today. The 10-city composite rose 5.3% year over year compared to a 5.2% increase the previous month. The 20-city composite increased 4.7% year over year, up from a 4.5% increase the previous month. New York City reported the highest year-over-year gain among the 20 cities with a 7.7% increase in January, followed by Chicago and Boston, with increases of 7.5% and 6.6%, respectively.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices rose 0.2% in January compared to the previous month. Home prices were up 4.8% from a year ago. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
