U.S. home prices have reported their fifth-largest annual gain on record after S&P CoreLogic Case-Shiller's 20-city composite index surged 18.4% year-over-year in October.
have reported their fifth-largest annual gain on record after S&P CoreLogic Case-Shiller's 20-city composite index surged 18.4% year-over-year in October. However, the figure marks a slowdown from the 19.1% year-over-year growth in September and came in below Refinitiv's 18.5% growth estimate.
Phoenix, Tampa, and Miami led the 20-city index with the highest year-over-year gains in October, coming in at 32.3%, 28.1% and 25.7% respectively. Minneapolis and Chicago posted the smallest increases of 11.5% each. "We have previously suggested that the strength in the U.S. housing market is being driven in part by a change in locational preferences as households react to the COVID pandemic," S&P DJI managing director Craig Lazzara said in a statement. "More data will be required to understand whether this demand surge represents an acceleration of purchases that would have occurred over the next several years, or reflects a more permanent secular change.
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