US home price gains reached a 31-month high in January, according to the S&P/Case-Shiller U.S. National Home Price Index.
The index, which measures all nine U.S. census divisions, found that home prices rose 5.9 percent year-over-year in the month, up from December’s 5.7 percent annual gain.
Of the nation’s 20 largest cities, three reached their all-time highs in January: Seattle, Portland, and Denver. And 12 cities reported greater price increases in the year ending January 2017 versus the year ending December 2016, the report said.
The S&P/Case Shiller 20-city composite index, which tracks the nation’s largest cities, gained 5.7 percent year-over-year in January, up from 5.5 percent the previous month.
The S&P CoreLogic Case-Shiller Indices is a monthly report published on the last Tuesday of each month, constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided.
“Housing and home prices continue on a generally positive upward trend,” said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.