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US Home Prices Rose 10.1 Percent in December, Fastest Since 2014

February 24, 2021

WASHINGTON—U.S. home prices surged at the fastest pace in nearly seven years in December, fueled by low mortgage rates and Americans moving to houses in the suburbs from crowded urban areas. The S&P CoreLogic Case-Shiller 20-city home price index, released on Feb. 23, climbed 10.1 percent in December from a year earlier. The year-end jump was the biggest since April 2014 and follows a strong 9.2 percent year-over-year gain in November. Home prices climbed 14.4 percent in Phoenix and 13.6 percent in Seattle in December. But prices rose all over. Chicago, which recorded the slowest price gain, saw a 7.7 percent uptick. Detroit was not included in the year-over-year figures because of record-keeping delays caused by the coronavirus pandemic. “These data are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes,” said Craig Lazzara, global head of index investment strategy at … Read More

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