Home-Price Appreciation Accelerates Again in U.S. Cities

(Bloomberg) — U.S. home-price appreciation accelerated in January.

A measure of prices in 20 U.S. cities jumped , up from 18.6% the previous month, the S&P CoreLogic Case-Shiller index showed Tuesday. 

Phoenix, Tampa and Miami reported the biggest year-over-year gains.

Price increases peaked in July and have cooled off slightly in recent months. Still, demand for homes remains strong two years after the pandemic hit the U.S., with bidding wars and cash offers common in hot markets. 

A lack of properties to buy has combined with rising mortgage rates to keep some potential buyers on the sidelines, particularly renters trying to crack into the market. Pending home sales dropped unexpectedly in February, posting a fourth straight monthly decline as the inventory shortage restricts sales.

©2022 Bloomberg L.P.