Home Prices Were Up Before the Storm

It may be sore consolation to anyone cooped up at home these days, but if they own the property, at least they know its value was increasing before the Great Coronavirus Lockdown of 2020.

The S&P CoreLogic Case-Shiller 20-city price index released this morning showed a 3.1 percent year-over-year gain in January, up from 2.8 percent in December. On a monthly basis, the index increased 0.3% between December and January. Because of the two-month lag in the data included in the price index, the effects of the coronavirus pandemic on the housing market were not yet reflected in the data, officials said.

All told, 14 of the 20 cities in the index reported higher price increases year-over-year in January vs. December, with strong growth in the West and the South, while the Midwest and Northeast were comparatively weaker.

The new figures contrast with findings from the Federal Housing Finance Agency, which last week reported a 5.2 percent ear-over-year gain in January. You can read more about the Case-Shiller numbers here.