US housing data has been disappointing so far in 2018 as affordability plummets on the heels of rising rates, but that didn’t stop Case-Shiller Home Prices from surging at a faster-than-expected 6.4% YoY in January.
Home sales, permits, and starts have been underwhelming so far this year…
But according to Case-Shiller, home prices are accelerating at their fastest rate since July 2014 (up 6.4% YoY vs 6.15% YoY exp)…
All 20 cities in the index showed year-over-year gains, led by a 12.9 percent increase in Seattle and an 11.1 percent gain in Las Vegas.
After seasonal adjustment, Seattle, San Francisco and Atlanta had the biggest month-over-month gains.
Washington has the smallest month-over-month advance at 0.2 percent.
“The home price surge continues,” David Blitzer, chairman of the S&P index committee, said in a statement.
“Two factors supporting price increases are the low inventory of homes for sale and the low vacancy rate among owner-occupied housing.”
The 20-City Home price index is less than 1% away from the record highs of 2006…
But the National home price index is over 6% above 2006 highs…
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