S&P reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices in 20 U.S. metropolitan areas, jumped 11.1 percent y-o-y in January 2021, following a revised 10.2 percent y-o-y climb in December 2020 (originally a 10.1 percent y-o-y surge). This was the biggest annual gain in house prices since March 2014.

Economists had expected a climb of 11.0 percent y-o-y.

Phoenix (+15.8 percent y-o-y), Seattle (+14.3 percent y-o-y) and San Diego (+14.2 percent y-o-y) recorded the highest y-o-y advances among the 20 cities in January. All 20 cities reported greater price gains in the year ending January 2021 versus the year ending December 2020.

Meanwhile, the S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, surged 11.2 percent y-o-y in January, following a 10.4 percent y-o-y jump in the previous month.