- S&P CoreLogic Case-Shiller Home Price Index jumped +8.4% y/y in early autumn
- This +8.4% on top of 12-month gain in September of +7.0
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The S&P CoreLogic Case-Shiller Home Price Index (HPI), considered to be one of the most accurate barometers of price growth in the housing industry, jumped +8.4% in October 2020. According to Craig J. Lazzara, managing director and Global Head of Index Investment Strategy at S&P Dow Jones Indices, “The last time that the National Composite matched (October’s) +8.4% growth rate was more than six and a half years ago, in March 2014.
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This +8.4% price growth increase followed a +7.0% home price growth increase in September of 2020.
Lazzara 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.”
The RealDeal calls 2020 an “unexpected stellar year for home sellers.” Seemingly boundless consumer demand, record-low mortgage interest rates, a shifting landscape from in-office to remote work and bidding wars driven by scant inventory resulted in HPI increases in both 10-City (+7.5%) and 20-City (+7.9%) Composite Indices. Average home prices in October 2020 even exceeded winter 2007 levels. Lazzara said, “Since June, our monthly readings have shown accelerating growth in home prices, and October’s results emphatically emphasize that trend.”
For the 17th consecutive month, Phoenix led all cities with an increase of +12.7% in home price growth. Seattle placed second with an increase of +11.7% and again, Seattle rounded out the top three finishers with a home price increase of +11.6%. Home price growth in the West and Southwest regions of the country were the strongest but the Midwest and Northeast regions of the country were no slouches with home price increases of +7.7% and +7.9% respectively.
Thanks to the S&P Dow Jones Indices and TheRealDeal.
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