Home prices in the U.S. increased by 4.1% year-over-year in January according to the S&P CoreLogic Case-Shiller Index. Major cities like New York City, Chicago, and Boston reported significant annual gains, while Tampa saw a decline. The Northeast and Midwest are experiencing heavy demand overshadowing supply, leading to rising prices, while construction activity in the South and West is easing some pressure. Despite rising mortgage rates peaking at 7.04%, fixed loan rates have settled around 6.6% to 6.7%, giving homebuyers hope ahead of spring sales.
As the country as a whole faces tight inventory levels, regional variation in the housing market means that the impact varies geographically, with Northeast and Midwest facing stronger price growth.
This month's Case-Shiller release covers home sales that happened over November, December, and January, a period that saw growing inventory but also skyrocketing mortgage rates, peaking at 7.04%.
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