Home prices have jumped 19% across the U.S., and far more in some markets

The average price of a home is surging in cities across the U.S., with places like Phoenix, Tampa and Miami seeing an especially sharp jump.

Home prices in 20 major cities rose 19% in January from a year ago, according to the latest S&P CoreLogic Case-Shiller Index. Residential real estate costs have continued to climb because of a shortage of homes on the market and pent-up demand from buyers as COVID-19 loosens its grip on the U.S.

Rising home prices and increasing mortgage rates could price millions of Americans out of the market, experts say.