Shiller price index

US Home Prices Rise Near Record High in August | News, Sports, Jobs

WASHINGTON (AP) – Home prices in the United States surged in August by a near record high from the previous year, as Americans keen to buy a home pushed up prices by a number decreasing properties.

The S&P CoreLogic Case-Shiller Home Price Index in 20 cities was up 19.7% in August from a year ago. That increase is just below July’s 20% jump, which was the biggest gain on records dating back to 2000. Home prices are now at all-time highs in all 20 cities in the index.

Home sales have been healthy for most of this year, fueled by the constant desire of many for more space to wait for the coronavirus pandemic. Mortgage rates have also been historically low, although they have risen in recent weeks, and many Americans have grown richer since the pandemic as stock prices have continued to rise, allowing them to afford a new lease of life. House.

Phoenix recorded the largest price increase among the 20 cities that make up the index, as it has for more than two years. Its home prices rose 33.3% in August from the previous year. San Diego home prices jumped 26.2%, the second highest, and Tampa home prices rose 25.9%, the third largest gain.

There are signs that last year’s rapid price gains are cooling off a bit. August’s price increases, compared to a year ago, were slightly lower than in July, the first drop in annual price increases since June 2020. And price increases have slowed in 12 of the 20 cities in Case-Shiller CoreLogic Index.

“The slowing acceleration in home prices suggests that buyer fatigue is setting in, especially among higher priced homes,” said Selma Hepp, deputy chief economist at CoreLogic.

Mortgage rates hit 3.1% last week, the highest since April, according to mortgage buyer Freddie Mac.

This increase probably caused more people to look for and buy homes, before rates went up again. Sales of existing homes jumped 7% in September.

Potential buyers still have relatively few home choices, with just 1.27 million homes on the market in September, down 13% last year. This prompted many buyers to act quickly.

According to the National Association of Realtors, homes typically sell within 17 days of entering the market, and 86% of homes sold in September were on the market for less than 30 days.

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