The values rose annually by 7% from 5 in September. 8% annual growth in August according to S&P CoreLogic Case-Shiller U. . S.. . National Home Price NSA Index. This is the biggest annual gain since September 2014. Prices are now almost 23% higher than their last high in 2006.
The 10-city composite was up 6. 2% compared to the previous year, compared to 4%. 9% in the previous month. The 20-City Composite achieved a 6. 6% profit from 5th. 3% in the previous month. Detroit was not given a reading due to data collection issues as a result of the pandemic.
This index is a three-month running average and represents prices from July to September when the coronavirus made shoppers eager to find homes with more space to work and school at home.
« Real estate prices were particularly strong. I’m tempted to say « a lot » in September, « said Craig J. . Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. « The increase this month could be due to a race to catch up in COVID-depressed demand from earlier this year. It could also predict future strength as COVID encourages potential buyers to move from urban apartments to suburban homes. The reports for the next few months should help shed light on this question. «
Phoenix, Seattle, and San Diego continued to see the highest annual gains among the 19 cities (excluding Detroit) in September. Property prices in Phoenix rose 11. 4% YoY, followed by Seattle with a 10th. 1% more and San Diego with a 9. 5% more.
Dallas, Chicago, and New York saw the lowest annual gains but were still in the range of 4% compared to September 2019.
All 19 cities reported higher price increases in the fiscal year ended September 2020 than in August 2020.
Low mortgage rates, which hit 13 new record lows this year, have fueled demand and prices. Interest rates are now a full percentage point lower than they were a year ago.
« The late spring home buying season has fueled sales well into October and beyond the time they would normally slow, » said George Ratiu, senior economist at Realtor. com. « As we head into winter, demand continues to be strong, thanks to mortgage rates breaking record lows 13 times this year and a growing list of companies that will keep their remote work policies well into 2021 have extended. «
In addition to the pressure on property prices, there is also the fact that the supply of properties for sale is getting smaller and smaller and is already at a record low. The inventory fell to 2. 5 month delivery in late October, according to the National Association of Realtors.
While construction of single-family homes is only increasing slowly, it cannot even come close to meeting demand, especially in the lower price brackets. In addition, building permits for single-family homes, which are an indicator of future construction, were essentially unchanged from October to month, according to U.. S.. . According to the census, construction will not increase significantly in the winter months.
Data is a real-time snapshot * Data is delayed for at least 15 minutes. Global business and financial news, stock prices, and market data and analysis.
Case-Shiller Index, S&P Global Ratings, Robert J.. . Shiller
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