According to the S&P CoreLogic Case-Shiller Indices, home prices rose nationally 3.9% annually, which is up from December’s 3.7% rise. The 10-City Composite reported an increase of 2.6%, up from 2.3% in December. The 20-City Composite posted a 3.1% annual gain, up from 2.8% in the previous month. Home prices were experiencing even bigger gains in January than all of last year. However, that was before the coronavirus hit the U.S., shutting down much of the economy and the housing market. Matthew Pointon, an economist with Capital Economics wrote “We expect a peak-to-trough fall in prices of around 4% by early 2021, with values then flattening out for the rest of the year.”
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Home price gains were strong in January, says S&P Case-Shiller, before coronavirus hit US economy