US home prices register 19.1% annual gain in September
U.S. home prices rose briskly in September, another sign that the housing market is booming in the aftermath of last year’s coronavirus recession
Your support helps us to tell the story
As your White House correspondent, I ask the tough questions and seek the answers that matter.
Your support enables me to be in the room, pressing for transparency and accountability. Without your contributions, we wouldn't have the resources to challenge those in power.
Your donation makes it possible for us to keep doing this important work, keeping you informed every step of the way to the November election
Andrew Feinberg
White House Correspondent
U.S. home prices rose briskly in September, another sign that the housing market is booming in the aftermath of last year's coronavirus recession.
The S&P CoreLogic Case-Shiller 20-city home price climbed 19.1% in September from a year earlier. The strong price gains marked a deceleration from August's 19.6% year-over-year increase. Still, September prices in all 20 cities set new records.
Phoenix was the nation's hottest market, registering a 33.1% price increase. It was followed by Tampa (where prices rose 27.7%) and Miami (25.2%). All 20 cities reported double-digit increases. The smallest gains were in Chicago (up 11.8%) and Minneapolis (12.8%).
The housing market has been strong, thanks to rock-bottom mortgage rates and pent-up demand from consumers locked in last year by the pandemic.
“Housing prices continued to show remarkable strength in September, though the pace of price increases declined slightly,'' said Craig J. Lazzara, managing director at S&P Dow Jones Indices. He added: “We have previously suggested that the strength in the U.S. housing market is being driven by households’ reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes.''
Last week, the National Association of Realtors reported that sales of previously occupied homes rose 0.8% last month to a seasonally adjusted annual rate of 6.3 million, strongest annual pace since January. The Commerce Department reported last week that new-home prices edged up a disappointing 0.4% last month as median prices rose nearly 18% from a year earlier to a record $407,700.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.