The numbers: The cost of buying a house rose sharply again in September and reached a six-year high with one measure, a fall-Shiller index showed, which signals that potential buyers are unlikely to find better deals soon will find.
A measure of house prices in 20 major cities rose by 6. 6% annual pace in October according to S&P CoreLogic Case-Shiller price index. This is from 5. 3% in the previous month.
A broader measure by Case-Shiller, covering the entire country, showed a similarly strong 7% rise in house prices last year, marking the fastest 12-month gain since 2014.
House prices actually rose faster than they got cheaper during the worst pandemic in a century. Deep mortgage rates and a flurry of people leaving cities to make room in the suburbs and beyond during the pandemic have fueled demand at a time when the supply of home rentals is near historic lows.
what happened? Prices have risen in 19 of the 20 major cities surveyed by Case-Shiller. The only exception, Detroit, likely had higher prices too, but Case-Shiller was unable to collect enough data due to rising COVID-19 cases in the area.
The biggest increases were in Phoenix, Seattle and San Diego. The smallest were in New York and Dallas. New York saw a particularly large influx of residents after a large number of COVID-19 cases emerged at the start of the pandemic. Dallas was another badly affected area.
Big Picture: Home sales could slow down a bit amid a record spike in coronavirus cases and a weaker economy. However, don’t expect demand – or prices – to drop that much, especially if the outstanding vaccines prove effective and widely available. Sales are at their highest level in years and should remain so if the economic recovery accelerates.
Market Reaction: The Dow Jones Industrial Average
and S&P 500
trading rose on Tuesday. The Dow was within 100 points of March 30. 000 mark.
Resurfaced Video Of Trump Pardoning Carrots Turkey has gone viral as the president refuses to admit defeat to President-elect Joe Biden.
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Case-Shiller Index, S&P Global Ratings, Robert J.. . Shiller, Housing
World News – US – U. . S.. . House prices hit a 6-year high in September, the Case-Shiller index shows
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