In October, home prices increased 8.4 percent YoY, a six-year-high and up from 7.0 percent in the previous month, according to the most recent S&P CoreLogic/Case-Shiller Indices. Year-over-year, the 10-City Composite increased 7.5 percent, up from 6.2 percent in the previous month. The 20-City Composite increased 7.9 percent YoY, up from the previous month’s 6.6 percent.
The following cities experienced the highest YoY gains: Phoenix (12.7 percent), Seattle (11.7 percent) and San Diego (11.6 percent).
The complete data for the 20 markets measured by S&P:
Las Vegas, Nev.
Los Angeles, Calif.
New York, N.Y.
San Diego, Calif.
San Francisco, Calif.
What the Industry Is Saying:
“The surprising strength we noted in last month’s report continued into October’s home price data. The last time that the National Composite matched this month’s 8.4 percent growth rate was more than six and a half years ago, in March 2014. Although the full history of the pandemic’s impact on housing prices is yet to be written, the data from the last several months are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes. We’ll continue to monitor what the data can tell us about this question.” — Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy, S&P Dow Jones Indices