US Home Prices Rise 18.4% After Last Year’s COVID-Fueled Recession | [BN] Homepage






A home sale sign is displayed outside a new home construction site in Northbrook, Ill. On Wednesday, June 23, 2021. US home prices rose sharply in September, another sign of the market. housing is booming in the wake of last year’s coronavirus recession.


Nam Y. Huh – staff, AP


By PAUL WISEMAN AP Economics Writer

Home prices in the United States rose again in October as the housing market continues to grow following last year’s coronavirus recession. The S&P CoreLogic Case-Shiller Home Price Index in 20 cities, released on Tuesday, was up 18.4% in October from a year earlier. The gain marked a slight deceleration from a 19.1% year-over-year increase in September, but was roughly in line with what economists expected. wins. The hottest markets were Phoenix (up 32.3%), Tampa (28.1%) and Miami (25.7%). Minneapolis and Chicago posted the smallest increases, 11.5% each. The housing market has been strong thanks to the lowest mortgage rates, a limited supply of housing in the market and pent-up demand from consumers stranded by the pandemic last year. Many Americans, tired of being locked in their homes during the pandemic, are looking to move from apartments to houses or larger homes. Last week, mortgage rates fell to 3.05% for the 30-year benchmark, fixed rate and 2.66%. for mortgage at a fixed rate over 15 years. The consistently low rates indicate that credit markets seem more concerned with the Omicron variant depressing economic growth than with the highest inflation rates in nearly 40 years. The National Association of Realtors reported last week that sales of previously occupied homes increased for the third consecutive month in November at a seasonally adjusted annual rate of 6.46 million. Additional reports by The Associated Press.



WASHINGTON (AP) – Home prices in the United States rose again in October as the housing market continues to grow following last year’s coronavirus recession.

The S&P CoreLogic Case-Shiller Home Price Index in 20 cities, released on Tuesday, was up 18.4% in October from a year earlier. The gain marked a slight deceleration from a 19.1% year-over-year increase in September, but was roughly in line with what economists expected.

All 20 cities posted double-digit annual gains. The hottest markets were Phoenix (up 32.3%), Tampa (28.1%) and Miami (25.7%). Minneapolis and Chicago posted the smallest increases, 11.5% each.

The housing market has been strong thanks to the lowest mortgage rates, a limited supply of housing in the market and pent-up demand from consumers stranded by the pandemic last year. Many Americans, tired of being locked in their homes during the pandemic, are looking to move from apartments to houses or larger homes.

“Home price growth will slow down further over the coming year, but will continue to increase,” said Danielle Hale, chief economist at Realtor.com. “As housing costs occupy a larger share of homebuyers’ paycheques, buyers will get creative. Many will take advantage of the continued flexibility of their workplace to relocate to the suburbs where, despite increases in house prices, many may still find a price per square foot lower than the surrounding area. cities. “


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