U.S. home prices edged up in January to make the year-on-year improvement the fastest in more than six years, according to data released Tuesday.
The S&P/Case-Shiller 20-city composite index nudged up 0.1% to take the year-on-year gain to 8.1%. The level is the highest since Sept. 2010, and the growth rate is the strongest since June 2006.
On a seasonally adjusted basis, prices rose by 1% in January, S&P added.
The news fits with other economic reports showing a rebound in the housing market since the bubble burst during the last recession. Sales and construction activity also have improved.
However, home prices remain about a third below their pre-recession peak and are about where they were 10 years ago.
On a year-over-year basis, all 20 cities measured by the Case-Shiller index improved, led by a 23.2% surge in Phoenix, with New York bringing up the rear with a 0.6% advance.
On a monthly basis, the results were more varied, with nine cities seeing gains, Dallas remaining flat, and prices in 10 cities slipping. Las Vegas led the way with a 1.6% improvement, while Chicago and Detroit prices both dropped by 0.9%.
There are other home-price measurements, though Case-Shiller is widely regarded as one of the more accurate measures. Each release includes three months of sales data, making it less volatile than other gauges.
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