From Matthew Speakman at Zillow: December Case-Shiller Results & January Forecast: Back on the Gas
The final reading of 2019 confirmed that a reacceleration of home price growth has indeed begun, after growth spent nearly the entire calendar year tapping on the brakes.
The national Case-Shiller Home Price Index rose 3.8% year-over-year in December. The smaller 10- and 20-city composite indices grew more slowly, at 2.4% and 2.9% year-over-year, respectively.
For-sale inventory remains near its lowest level on record, which has stoked competition for the relatively few homes on the market and nudged prices back upward as a result. The rebound in home price growth is also rooted in the sustained strength of the U.S. economy, which continues to ride a robust labor market, and mortgage rates that finished the year near their lowest levels since 2016 and have fallen even further since.