Home prices rose 0.8% nationwide in January 2014 as measured by the Case-Shiller 20-city composite index. New York home prices rose in the same proportion, the fourteenth consecutive month of price increases. Year to year, home prices increased 6.8% in New York and 13.3% nationally. San Francisco posted the highest growth of all cities included in the index: 1.7% since the previous month and 23.1% in the past year. At 0.2%, Boston saw the lowest month-to-month price increase and Denver, at 0.4%, saw the lowest year-to-year increase.
Most analysts expect home prices to increase more moderately in 2014 than they did last year, in large part due to higher mortgage rates affecting demand. Sales of new and existing homes, as well as housing starts were all down in February, according to The Wall Street Journal, which would support this prediction.
With this post, CHPC has moved from reporting non-seasonally adjusted to seasonally adjusted figures and using the 20-city composite index as an indicator of national home prices.