Home prices increased 0.9% in January compared to the same month a year ago, down from a 1.1% rise the previous month, according to the S&P Cotality Case-Shiller Index. The 10-city composite rose 1.7% year over year. The 20-city composite increased 1.2% year over year. New York City reported the highest year-over-year gain among the 20 cities with a 4.9% increase, followed by Chicago at 4.6% and Cleveland at 3.6%.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices rose 0.1% in January compared to the previous month. Home prices were up 1.6% year over year. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
