Home prices spike again, 6 percent higher than last year.

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The index for home prices increased in January at its fastest rate since November 2022 as supply constraints and inflation continue to raise prices, according to data from S&P Global.

The Case-Shiller U.S. National Home Price Index increased 6.0% year-over-year in January, up from 5.6% in December, according to a press release from S&P Global. Growth in home prices has steadily accelerated since May 2023, when it reached a recent low of -0.4% year-over-year after dropping dramatically from 20.7% in March 2022.

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“U.S. home prices continued their drive higher,” Brian Luke, head of Commodities, Real & Digital Assets at S&P Dow Jones Indices, said in the press release. “Our National Composite rose by 6% in January, the fastest annual rate since 2022 … On a monthly basis, home prices continue to struggle in the face of elevated borrowing costs.”

The U.S. National Index increased 0.4% in the month when seasonally adjusted, but declined by 0.1% when not adjusted, the press release reads. The composite indices for the top 20 and top 10 U.S. cities increased 0.1% and 0.2% in the month when seasonally adjusted, respectively.

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