S&P reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices in 20 U.S. metropolitan areas, rose 3.1 percent y-o-y in January 2020, following a revised 2.8 percent y-o-y increase in December 2019 (originally a 2.9 percent y-o-y climb).

Economists had expected an advance of 3.2 percent y-o-y.

Phoenix (+6.9 percent y-o-y), Seattle (+5.1 percent y-o-y) and Tampa (+5.1 percent y-o-y) recorded the highest y-o-y advances in January. Overall, 14 of the 20 cities reported greater price gains in the year ending January 2020 versus the year ending December 2019.

Meanwhile, the S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, surged 3.9 percent y-o-y in January, up from 3.7 percent y-o-y in the previous month.

"The trend of stable growth established in 2019 continued into the first month of the new year," noted Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices., He added, however, that "It is important to bear in mind that today's report covers real estate transactions closed during the month of January. The COVID-19 pandemic did not begin to take hold in the U.S. until late February, and thus whatever impact it will have on housing prices is not reflected in today's data."