The numbers: Home rates remained to expand at a record pace in June, according to a leading barometer.
The most recent version of the S&P CoreLogic Case-Shiller Home Price Index revealed that home costs enhanced 18.6% from a year ago in June, marking the third consecutive month of document development in the more than 30-year background of the index. The separate 20-city index, which measures price recognition in significant cities throughout the nation, saw a 19.1% year-over-year gain.
” We have formerly recommended that the strength in the U.S. housing market is being driven in part by reaction to the COVID pandemic, as potential customers move from urban homes to suburban homes,” claimed Craig J. Lazzara, managing supervisor and worldwide head of index investment approach at S&P DJI, in the record. “June’s data follow this theory.”
What took place: As in current months, the biggest cost gains were taped in Phoenix, San Diego and also Seattle. In 19 of the 20 cities evaluated, house prices go to document highs, with Chicago being the lone holdout. At the same time, six cities– Boston, Charlotte, Cleveland, Dallas, Denver and also Seattle– all saw document rate gratitude over the past year.
A separate quarterly house consumer price index from the Federal Housing Finance Agency revealed that home prices increased nearly 5% in between the second and first quarters of 2021. The country has seen 40 successive quarters in which home prices have climbed. Notably, costs rose in every state across the country, led by Idaho, Utah, Arizona, Montana and Rhode Island.