Home prices surged 6% YoY in January, fastest since January 2022. However, FHFA House Price Index dropped 0.1% MoM.

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Home prices increased at the fastest clip since 2022 at the start of the year, according to one closely watched home price gauge published Tuesday.

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Home prices nationally in January were 6% higher than the same month in 2023, according to S&P CoreLogic Case-Shiller data. Prices in an index measuring changes in 20 of the nation’s large cities increased 6.6%.

Both indexes increased at the quickest annual pace since November 2022.

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