National Home Prices Edge Higher to Start 2017

Wells Fargo Research Team Wells Fargo

National home prices rose 0.6 percent in January, pushing the year-over-year gain to 5.9 percent. Home prices are being supported by steady gains in demand and the continued low level of homes for sale.

U.S. Home Prices Continue to Rise

National home prices continue to edge higher as tight supplies and continued uptrend in home sales push prices higher. The S&P CoreLogic Case-Shiller National Home Price Index rose 5.9 percent over the past 12 months and the 20-City and 10-City indices are up 5.7 percent and 5.1 percent, respectively.
On a regional basis, Seattle, Portland and Denver continue to see the strongest year-to-year price gains.

Prices Have Risen the Fastest in Larger Markets

While only the national home price index has regained its prerecession level, the recovery has been driven by the rebound in the 20-City and 10-City indices, which both fell harder during the housing crisis and rose faster during the ensuing recovery.
Much of the earlier price recovery was dominated by big global coastal markets. Price appreciation has moderated, however, as European and Latin American buying has diminished.

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Wells Fargo Research Team

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