Home prices continued to surge in October, new data show.
Prices were up 8.4 percent year-over-year, according to the S&P CoreLogic Case-Shiller index tracking the housing market in major metropolitan areas. Their 12-month gain in September was 6.6 percent.
“The last time that the National Composite matched this month’s 8.4 percent growth rate was more than six and a half years ago, in March 2014,” Craig J. Lazzara, managing director and Global Head of Index Investment Strategy at S&P Dow Jones Indices, said in a press release.
He added, “Although the full history of the pandemic’s impact on housing prices is yet to be written, the data from the last several months are consistent with the view that Covid has encouraged potential buyers to move from urban apartments to suburban homes.”
Phoenix, Seattle and San Diego continued to report the highest year-over-year price gains among the 19 cities.
Phoenix led the way in October with a 12.7 percent year-over-year increase, followed by Seattle at 11.7 percent and San Diego at 11.6 percent. All 19 cities reported higher price increases in the year ending October compared to the year ending September.
It has been an unexpectedly stellar year for home sellers. With a low supply of homes on the market, and many buyers looking for more space, home prices have continued to fetch record prices.