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Home prices across the U.S. are accelerating again after easing throughout much of 2014, CNBC reports.
The latest reading from S&P/Case Shiller says that prices in the nation’s top 20 housing markets were 4.6 percent higher in January than in January 2014, a bigger annual gain than the markets saw when price gains began to rise again in December 2014.
"The combination of low interest rates and strong consumer confidence based on solid job growth, cheap oil and low inflation continue to support further increases in home prices," David Blitzer, managing director and chairman of the Index Committee for S&P Dow Jones Indices, tells CNBC.
But the price gains are outpacing wage growth, which puts pressure on potential homebuyers and increases the risk that an uptick in interest rates could be a major setback.
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