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The S&P CoreLogic Case-Shiller National Home Price Index increased 5.9 percent year-over-year in January, up from 5.8 percent in December.
Trulia notes that January’s index is a two and a half year high, and the 10th consecutive period of positive seasonally-adjusted monthly gains.
Low inventory is making home prices higher, and buyers, especially first-timers, are facing stiff competition when it comes to finding a house. Mortgage rates are lower than expected due to uncertainty in the financial markets. Denver, Seattle, and Portland, Ore., remain hot markets, while San Francisco actually had prices dip in January.
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