Prices in all 20 cities rose in the year through January, led by a 6.9% jump in Phoenix and 5.1% gains in Tampa, Florida; San Diego; and Seattle.

As Bloomberg notes, the figures indicate a residential real estate market that was building momentum at the turn of the year against a backdrop of declining borrowing costs, steady job growth and warmer weather. The strength in home sales probably dissipated in March as government efforts to control the virus outbreak forced business closures and caused a dramatic surge in layoffs.