U.S. Home Prices Gain 19.7% in Another Record for Hot Market
(Bloomberg) -- U.S. home prices surged 19.7% in July, once again posting the biggest jump in more than 30 years.
The record gain in the S&P CoreLogic Case-Shiller index of property values nationwide followed a 18.7% jump in June and was the 14th straight month of accelerating price increases.
The U.S. housing market has been on fire, with the pandemic fueling intense demand for suburban homes. A shortage of affordable properties has pushed up prices and kept some potential buyers on the sidelines.
“The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country,” Craig Lazzara, global head of index investment strategy at S&P Dow Jones Indices, said in a statement.
A measure of prices in 20 U.S. cities gained 19.9% in July. Phoenix led the way with a 32.4% surge. New York (17.8%), Boston (18.7%), Dallas (23.7%), Seattle (25.5%) and Denver (21.3%) were among the cities that posted record year-over-year increases.
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