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Home costs hopped 19.1% in October from a year sooner

 

Home costs saw double-digit value development once more in October, as indicated by the S&P CoreLogic Case-Shiller National home price index.

National home costs were up 19.1% in October from the prior year, somewhat not exactly the updated 19.7% annual expansion in September, and denoting the second month straight of more slow development.

“In October 2021, US home prices moved substantially higher, but at a decelerating rate,” said Craig J. Lazzara, managing director at S&P Dow Jones Indices.

All things considered, October’s home price gain is the fourth-highest level in the 34 years the information has been followed. The top three were the three months going before October.

There is as yet huge value development at the city level, said Lazzara. Each of the 20 cities followed by Case Shiller saw cost expansions in the year finished in October, with Phoenix, Tampa, and Miami announcing the highest year-over-year gains. Home costs in Phoenix were up 32.3% from last year, followed by Tampa with a 28.1% increment and Miami with a 25.7% increment.

Cost increments were strongest in the South and Southeast, yet every region kept on seeing double-digit gains.

“We have previously suggested that the strength in the US housing market is being driven in part by a change in locational preferences as households react to the Covid pandemic,” said Lazzara.

“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.”