Case-Shiller: Jan. Home Prices Surged a Record 19.1%

The increase follows 18.9% in Dec. Top increases in the 20-city index included No. 1 Phoenix (up 32.6%), followed by Tampa (up 30.8%) and Miami (up 28.1%).

NEW YORK – The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 19.2% annual gain in January – up from 18.9% in the previous month.

The 10-City Composite annual increase was 17.5%, up from 17.1% in the previous month, and the 20-City Composite posted a 19.1% year-over-year gain, up from 18.6%.

Phoenix, Tampa and Miami saw the highest year-over-year gains among the 20 cities in January. Phoenix led the way with a 32.6% year-over-year price increase, followed by Tampa with a 30.8% increase and Miami with a 28.1% increase. Sixteen of the 20 cities had higher price increases in January 2022 than they did the month before.


Before seasonal adjustment, the U.S. National Index posted a 1.1% month-over-month increase in January, while the 10-City and 20-City Composites both posted increases of 1.4%.

After seasonal adjustment, the U.S. National Index posted a month-over-month increase of 1.6%, and the 10-City and 20-City Composites both posted increases of 1.8%.

In January, all 20 cities reported increases before and after seasonal adjustments.

“Home price changes in January 2022 continued the strength we had observed for much of the prior year,” says Craig J. Lazzara, managing director at S&P DJI. “All three composites reflect a small acceleration of price growth for January 2022.

Lazzara says the rate of price increases seemed to be moderating last fall – still rising but at a slower pace. “Even that modest deceleration was on pause in January,” he says. “The 19.2% year-over-year change for January was the fourth-largest reading in 35 years of history.

“The strength in home prices continues to be very broadly based. All 20 cities saw price increases in January 2022, with prices in 16 cities accelerating relative to December’s report. January’s price increase ranked in the top quintile of historical experience for 19 cities, and in the top decile for 17 of them.”

Prices were strongest in the South (up 26.6%) and Southeast (up 26.5%), but every region continued to log strong pricing gains.

“The macroeconomic environment is evolving rapidly,” says Lazzara. “Declining COVID cases and a resumption of general economic activity has stoked inflation, and the Federal Reserve has begun to increase interest rates in response. We may soon begin to see the impact of increasing mortgage rates on home prices.”

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