The S&P Case Shiller National Home Price Index increased 0.1% MoM and 4.1% YoY in January, up from 4.0% YoY in December.

• The more narrow 20-City Composite was also up 0.1% MoM. The annual rate was 4.7% YoY, up from 4.5% YoY previously and slightly below expectations of a 4.8% YoY increase.
• The low gains in January were usual for the month. After seasonal adjustment, S&P estimates the national index was up 0.5% MoM and the 20-City Composite was up 0.5% MoM.
• Within the 20-City Composite, major cities are leading on an annual basis. The giant urban hubs of New York City (+7.7% YoY), Chicago (+7.5% YoY), and Boston (6.5% YoY) have reported the strongest increases.
• Tampa was the only market to see home prices down on an annual basis at -1.5% YoY.