The September S&P CoreLogic Case-Shiller 20-city home price index in the U.S. rose 6.6% from a year earlier, its biggest jump since April of 2018, while the national index, covering all nine U.S. census divisions, was up 7.0%, its biggest increase since May 2014.
The 20-city increase was “well above market expectations of a 5.1% gain,” Case-Shiller reported.
Phoenix (11.4%), Seattle (10.1%) and San Diego (9.5%) continued to report the highest year-over-year gains among the 19 cities.
"This month’s increase may reflect a catch-up of COVID-depressed demand from earlier this year; it might also presage future strength, as COVID encourages potential buyers to move from urban apartments to suburban homes. The next several months’ reports should help to shed light on this question," said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, in a statement.
