In January, the index of housing prices in 20 major U.S. cities — the S&P CoreLogic Case-Shiller 20-City — rose by 5.7% compared to the same period last year.
Thus, the rise in housing prices accelerated to its highest level in 31 months — since July 2014, MarketWatch says.
All of the 20 largest U.S. cities showed a price increase in annual terms in January, the most considerable growth was recorded in Seattle (+11.3%) and Portland (+9,7%), while the slowest growth — just 3.2% — was observed in New York.
Across the board in the country, in January, housing prices increased by 5.9% in annual terms, according to data from CoreLogic.
The growth in housing prices surpassing inflation and rising wages more than twofold is, first of all, due to the shortage of supply, which makes it difficult for Americans to turn from renting to owning homes.