Annual Home Price Gains
Biggest spike in September in the last 6 years.
S&P Dow Jones Indices today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for September 2020 show that home prices continue to increase across the U.S..
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 7.0% annual gain in September, up from 5.8% in the previous month. The 10-City Composite annual increase came in at 6.2%, up from 4.9% in the previous month. The 20-City Composite posted a 6.6% year-over-year gain, up from 5.3% in the previous month.
Phoenix, Seattle and San Diego continued to report the highest year-over-year gains among the 19 cities (excluding Detroit) in September. Phoenix led the way with an 11.4% year-over-year price increase, followed by Seattle with a 10.1% increase and San Diego with a 9.5% increase. All 19 cities reported higher price increases in the year ending September 2020 versus the year ending August 2020.
Annual Home Price Gains
Adding to pressure on home prices is the ever shrinking supply of homes for sale, already at a record low. Inventory fell to a 2.5-month supply at the end of October, according to the National Association of Realtors.
Low mortgage rates, which have set 13 new record lows this year, have helped fuel demand and prices. Rates are now down about a full percentage point from a year ago.
“The delayed spring homebuying season fueled sales well into October and past the time when they would normally begin to slow down,†said George Ratiu, senior economist at realtor.com. “Heading into winter, demand continues to be strong, driven by mortgage rates which have broken record lows 13 times this year and a growing list of companies which have extended their remote work policies well into 2021.â€
For more information on this real estate news, Click: Case-Shiller Indices
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