Continue Reading Below
The S&P CoreLogic Case-Shiller 20-city home price index climbed 2.9 percent in December from a year earlier after posting a 2.5 percent gain in November.
Prices rose in all 20 cities, led by increases of 6.5 percent in Phoenix, 5.3 percent in Charlotte, North Carolina, and 5.2 percent in Tampa, Florida. Prices rose just 1 percent in Chicago and New York.
Just 1.42 million homes were on the market at the end of January, down nearly 11 percent from a year earlier. The limited supply pushes prices higher. The rate for a benchmark 30-year, benchmark mortgage loan was 3.49 percent last week, down from 4.35 percent a year earlier.
Prices in the 20 cities are up 63 percent from the low they reached in March 2012 in the wake of the financial crisis and 6 percent above their July 2006 pre-crisis peak.