United States house prices edged up slightly on both a month-over-month and a yearly basis.
According to the U.S. Federal Housing (FHFA) house price index, house prices rose 01% in January from the month prior and 1.6% year-over-year.
The highest growth was in the East North Central division, where housing prices grew 4.4% year-over-year, and in the East South Central division, where they grew 1.8% every month.
The S&P Cotality Case-Shiller National Home Price Index, which measures home prices across the country, rose 0.9% in the 12 months through January, compared with a 1.1% increase in December.
This comes as the Senate passed the largest housing affordability bill in three decades.
The bill would boost the supply of housing and ban investors from buying single-family homes.
However, the legislation still faces an uphill battle in the House, where GOP leaders said the measure would need to be negotiated.
U.S. mortgage applications have also plummeted to their lowest level since October last year amid the threat of higher oil prices and the 30-year fixed rate rising to 6.43%.
New single-home sales in the U.S. also slumped 1.7% in December.
