S&P Dow
Jones Indices (S&P DJI) informed on Tuesday its Case-Shiller Home Price
Index, which tracks home prices in 20 U.S. metropolitan areas, demonstrated a 6.6
per cent y-o-y soar in January 2024, following an upwardly revised 6.2 per cent
y-o-y surge (from +6.1 per cent y-o-y) in December 2023. This represented the largest
annual increase in house prices since November 2022 (+6.9 per cent).
Economists had forecast
a rise of 6.7 per cent y-o-y.
According to
the report, all 20 cities posted
y-o-y gains in prices in January, led by San Diego (+11.2 per cent y-o-y), Los
Angeles (+8.6 per cent y-o-y), and Detroit (+8.2 per cent y-o-y).
The
S&P/Case-Shiller U.S. National Home Price Index, which measures all nine
U.S. census divisions, climbed 6.0 per cent y-o-y in January, following a
downwardly revised 5.4 per cent y-o-y advance (from +5.5 per cent y-o-y) in the
previous month.
On a m-o-m basis, the U.S. National Index and the 20-City Composite showed
a fall of 0.1 per cent each.