Home prices were up in January coming in slightly higher than estimates, according to the latest S&P/Case Shiller home price index.
The report shows home prices rose 0.87% from December, and 4.56% year-over-year. Expectations called for a rise of 0.6% from December and 4.6% from last year.
December’s number were given a little bump, revised up 0.9% from the original report of 0.87%, while the year over year number was revised down slightly to 4.44% from 4.46%.
The index measures home prices in 20 cities across the U.S. Those seeing the biggest gain of 0.7% are Charlotte, Miami and San Diego. San Francisco saw the biggest drop of 0.9%. Denver and Miami had the biggest gain year-over-year of 8.4% and 8.3% respectively.
The composite overall has grown 29% from its low in March of 2012.
“The combination of low interest rates and strong consumer confidence based on solid job growth, cheap oil and low inflation continue to support further increases in home prices” says David M. Blitzer, Managing Director and Chairman of the Index Committee for S&P Dow Jones Indices.
Follow this link to see the complete S&P/Case Shiller home price indices and analysis.