By all indications, the hot housing market will likely shoot Tampa Bay’s rents up even further. Credit: Photo via cityoftampa/Twitter

The Tampa and Miami areas had among the nation’s largest increases in home prices in January when compared to a year earlier, according to a report released Tuesday.

The Tampa metropolitan area saw a 30.8 percent year-over-year gain in home prices, while the Miami area had a 28.1 percent increase.

The report, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, measured increases in 20 metropolitan areas.

Only the Phoenix area, with a 32.6 percent increase, had a larger year-over-year jump than Tampa and Miami.

The annual gain in January for the 20 markets was 19.2 percent.

“Last fall we observed that home prices, although continuing to rise quite sharply, had begun to decelerate,” Craig J. Lazzara, managing director at S&P Dow Jones Indices, said in a prepared statement. “Even that modest deceleration was on pause in January. The 19.2% year-over-year change for January was the fourth-largest reading in 35 years of history.”

Lazzara, however, indicated that market conditions could begin to change.

“The macroeconomic environment is evolving rapidly,” he said. “Declining COVID cases and a resumption of general economic activity has stoked inflation, and the Federal Reserve has begun to increase interest rates in response. We may soon begin to see the impact of increasing mortgage rates on home prices.”

Tampa and Miami were the only Florida markets included in the report.