US single-family home prices inched up in January, rising 0.8 percent from the previous month.
The S&P/Case-Shiller index of property values in 20 cities increased 13.2 percent from January 2013, the smallest year-over-year gain since August. Twelve of the 20 cities posted price declines from December to January, with Chicago decreasing by 1.2 percent. The Sun Belt had the five highest monthly returns, led by Las Vegas, Miami, San Diego, San Francisco and Tampa.
“The housing recovery may have taken a breather due to the cold weather,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement.
“From the bottom in 2012, prices are up 23 percent and the housing market is showing signs of moving forward with more normal price increases.”
On an annual basis, Las Vegas and San Francisco were the only two cities with year-over-year gains surpassing 20 percent in January. San Diego demonstrated the most improvement with an annual return of 19.4 percent in January, versus 18 percent in December. Phoenix, formerly the vanguard of price gains, had the biggest deceleration.