U.S. home prices are rising at the fastest pace in 15 years as the pandemic and a surge in urban shootings have fueled demand for single-family houses even as the supply for such homes shrinks.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering the entire U.S., reported an 11.2 percent annual gain in January, up from 10.4 percent in the previous month. That is the fastest pace for home prices since 2006, the peak of the housing bubble.
The 20-city home price index rose 11.1 percent in January from a year earlier. That’s the biggest gain since March 2014. Prices rose in all 20 cities, and the 12-month increase was larger for all cities in January than in the previous month.
The increase was well above expectations.
The national index is now 29 percent above the housing bubble peak. Adjusted for inflation, however, prices are just