US home prices rose at 3.1% annually in January

Business

BALTIMORE (AP) — U.S. home price growth was showing signs of acceleration in January, a sign of the solid demand that existed before the coronavirus outbreak caused millions of job losses and tossed the U.S. economy into a likely recession.

The S&P CoreLogic Case-Shiller 20-city home price index rose 3..1% in January from a year ago, up from a 2.8% annual gain in December, according to a Tuesday report. Lower mortgage rates and solid job gains had been fueling interest from would-be homebuyers, but the housing market is now in a moment of tumult as the virus-induced downturn has led to fears of missed mortgage payments.

Phoenix posted the strongest annual price growth at 6.9%, followed by Seattle and Tampa at 5.1%.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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