Homes prices across America surged in December, typically the slowest month for the housing market.
Home prices rose 10.4 percent compared with a year earlier, according to the S&P CoreLogic Case-Shiller Home Price Index.
That is the strongest growth rate since 2014 and represents an acceleration of home price gains from November’s 9.5 percent.
Phoenix, San Diego, and Seattle experienced the highest year-over-year gain. Phoenix home prices were up 14.4 percent. Seattle prices were up 13.6 percent. San Diego price rosse 13 percent.
The 10-city composite index rose 9.8 percent, which followed November’s 8.9 percent. The 20-city composite rose 10.1 percent, up from 9.2 percent.
“These data are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This may indicate a secular shift in housing demand, or may simply represent an acceleration of moves that would have taken place over the next several years anyway,” said Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI.