Home Prices Up 1.6 Percent in January, Their Largest Increase in Six Months

The overall pace of price gains has increased in each of the past three months.

Compared to a year ago, January house prices are 19.2 percent higher.
House prices today are rising at their fastest pace since such data was first collected in the 1980’s, with annual increases nearly 5 percent higher than during the housing boom fifteen years ago.
By market, annual price gains in many large metros are increasing by an even faster clip, led by Phoenix at +33 percent, Tampa 31 percent and Miami 28%.
Northern area metros like Washington, DC, Minneapolis and Chicago are not faring as well, but are still showing year-over-year price gains of 11-12 percent.
As mortgage rates approach 5 percent, the expectation is for home demand and price pressures to ease.