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<p> <strong>The numbers:</strong> The S&P/Case-Shiller national index rose a seasonally adjusted 0.5% in the three-month period ending in January, and was up 6.2% compared to a year before. The 20-city index rose a seasonally adjusted 0.8% for the month, and 6.4% for the year.</p> <p> <strong>What happened: </strong>Prices are still on fire. And the West is still the best: Seattle, Las Vegas and San Francisco all notched double-digit yearly price gains. Only one city, Washington, D.C., had a negative monthly reading. </p> <p>As David Blitzer, chairman of the index committee at S&P Dow Jones Indices, noted in a release, the price gains are all about demand and lack of supply. </p> <p>“The current months-supply — how many months at the current sales rate would be needed to absorb homes currently for sale — is 3.4; the average since 2000 is 6.0 months, and the high in July 2010 was 11.9,” Blitzer wrote. “Currently, the homeowner vacancy rate is 1.6% compared to an average of 2.1% since 2000; it peaked in 2010 at 2.7%. Despite limited supplies, rising prices and higher mortgage rates, affordability is not a concern.”</p> <p>Relatively affordable housing is cold comfort to many would-be home buyers who simply can’t find anything to buy. </p> <p> <strong>Read:</strong> <a href="http://fakehost/story/two-thirds-of-house-hunters-have-been-searching-for-3-months-or-more-2018-02-22">Most house hunters have been searching for 3 months or more</a> </p> <p> <strong>Big picture:</strong> Economists had forecast a 0.7% monthly increase, and a 6.2% 12-month increase, for the 20-city index. <a href="http://fakehost/story/why-its-so-hard-to-forecast-home-prices-for-2018-and-why-that-should-worry-you-2017-12-19">As MarketWatch has reported</a>, most housing analysts have argued that the ongoing price gains in housing can’t last — and yet they have so far. </p> <table readabilityDataTable="1"> <tbody> <tr> <td id colspan> <strong>Metro</strong> </td> <td id colspan> <strong>Monthly change</strong> </td> <td id colspan> <strong>12-month change</strong> </td> </tr> <tr> <td id colspan>Atlanta</td> <td id colspan>0.7%</td> <td id colspan>6.5%</td> </tr> <tr> <td id colspan>Boston</td> <td id colspan>0.2%</td> <td id colspan>5.3%</td> </tr> <tr> <td id colspan>Charlotte</td> <td id colspan>0.4%</td> <td id colspan>6.0%</td> </tr> <tr> <td id colspan>Chicago</td> <td id colspan>0.0%</td> <td id colspan>2.4%</td> </tr> <tr> <td id colspan>Cleveland</td> <td id colspan>0.0%</td> <td id colspan>3.5%</td> </tr> <tr> <td id colspan>Dallas</td> <td id colspan>0.2%</td> <td id colspan>6.9%</td> </tr> <tr> <td id colspan>Denver</td> <td id colspan>0.7%</td> <td id colspan>7.6%</td> </tr> <tr> <td id colspan>Detroit</td> <td id colspan>0.1%</td> <td id colspan>7.6%</td> </tr> <tr> <td id colspan>Las Vegas</td> <td id colspan>0.6%</td> <td id colspan>11.1%</td> </tr> <tr> <td id colspan>Los Angeles</td> <td id colspan>0.6%</td> <td id colspan>7.6%</td> </tr> <tr> <td id colspan>Miami</td> <td id colspan>0.6%</td> <td id colspan>4.0%</td> </tr> <tr> <td id colspan>Minneapolis</td> <td id colspan>0.1%</td> <td id colspan>5.9%</td> </tr> <tr> <td id colspan>New York</td> <td id colspan>0.0%</td> <td id colspan>5.2%</td> </tr> <tr> <td id colspan>Phoenix</td> <td id colspan>0.3%</td> <td id colspan>5.9%</td> </tr> <tr> <td id colspan>Portland</td> <td id colspan>0.4%</td> <td id colspan>7.1%</td> </tr> <tr> <td id colspan>San Diego</td> <td id colspan>0.8%</td> <td id colspan>7.4%</td> </tr> <tr> <td id colspan>San Francisco</td> <td id colspan>0.4%</td> <td id colspan>10.2%</td> </tr> <tr> <td id colspan>Seattle</td> <td id colspan>0.7%</td> <td id colspan>12.9%</td> </tr> <tr> <td id colspan>Tampa</td> <td id colspan>0.4%</td> <td id colspan>6.7%</td> </tr> <tr> <td id colspan>Washington</td> <td id colspan>-0.4%</td> <td id colspan>2.4%</td> </tr> </tbody> </table> <p>Read: <a href="http://fakehost/story/mortgage-rates-edge-up-even-as-trade-war-worries-loom-ahead-2018-03-22">Mortgage rates edge up even as trade war worries loom ahead</a></p>
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