US Home Prices: Surge spreading wide - Wells Fargo

The S&P CoreLogic Case-Shiller National Home Price Index (HPI) rose 0.5% percent in January and 6.2% from a year ago. Analysts from Wells Fargo, noted that home prices show no sign of slowing in 2018.

Key Quotes: 

“Home prices increased 0.5 percent in January, with annual gains falling slightly to 6.2 percent. The 20-city index rose 0.8 percent in the month, pushing year-ago growth to 6.4 percent."

“Home price appreciation continues to grow at a breakneck pace. However, affordability concerns may be easing. The gap between the HPI and wages has narrowed from 3.3 percent in February 2017 to just 1.3 percent today.”

“Low supply of homes-for-sale and low home vacancy rates are driving price gains. Though increasing, gains in inventory are coming from homes not completed, keeping inventories thin.”