U.S. home prices rise at fastest pace in two years

ECONOMIC REPORT

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The numbers: The S&P CoreLogic Case-Shiller 20-city price index posted a 5.2% year-over-year gain in August, up from revised 4.1% in the previous month, according to a report released by S&P Dow Jones Indices on Tuesday. The gain was in line with expectations of Wall Street economists surveyed by Econoday. On a monthly basis, the index increased 0.5 in August.

What happened: The separate national index released with the report noted a 5.7% increase in home prices across the U.S. over the past year. This is the fastest pace in more than two years.

The strength was consistent nationally. All of the 19 large cities tracked by Case-Shiller posted increases in housing prices in August.

A separate measure, the Federal Housing Finance Agency house price index, rose 1.5% in August and is up 8% year-on-year. That’s the fastest annual gain since March 2006.

Phoenix once again

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Home Values Growth Rate Is At A Historic Pace

Zillow’s latest Real Estate Market Report revealed that home values are rising at a pace that hasn’t been seen since the Great Recession. The typical home value reached $259,906 in September 2020 and includes a month-over-month rate of 0.8%, the largest jump since November 2005, according to the report.

Additionally, Zillow reported quarterly growth of 2.2%, the largest since 2013 and annual growth of 5.8%, the largest in close to two years. So, why are we seeing such an aggressive increase in home values? Well, the story has been the same for years now, there simply is not enough inventory to meet the heightened demand of the housing market. Now, with rates reaching historic-lows yet again, demand is continuing to remain high. Sellers are able to leverage this demand when it comes to the asking price of their homes.

The latest report on home value growth has pushed Zillow to

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Home values growing at pace not seen since Great Recession recovery

Home values are skyrocketing at a pace not seen since the recovery from the Great Recession as high demand meets a prolonged inventory shortage.

“Home values are accelerating more quickly than any time since 2014, marking a sharp turnaround from a market briefly put on hold during the outbreak of the pandemic this spring,” said Jeff Tucker, Zillow senior economist.

Zillow Real Estate reports annual home value growth of 5.8%, the largest in nearly two years. The market report predicts the hot housing market will continue with an additional home values increase of 2.9% by the end of 2020. Growth is expected to continue in 2021 with a forecasted 7% growth in home values – that’s up from the previous forecast of 4.8% growth.

The surge in home values comes in response to persistent strong demand that drove inventory down 36.4% year over year, and list prices up 11.6% above

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Home Values are Growing at a Pace Not Seen Since the Recovery From the Great Recession

SEATTLE, Oct. 16, 2020 /PRNewswire/ — The housing market has seen record-breaking growth since June, further cementing its strength amid an uncertain economy, according to the latest Zillow® Real Estate Market Report 1.

The typical home value rose to $259,906 in September. That incredible growth includes:

  • A month-over-month growth rate of 0.8%, the biggest jump since November 2005.
  • Quarterly growth of 2.2%, the largest increase since 2013.
  • Annual growth of 5.8%, the largest in nearly two years.

Add to that recent data showing double-digit annual growth in both list and sale prices and a clear picture emerges, showing how this summer’s extreme lack of inventory and incredible demand have stoked the flames of a hot housing market to impressive new heights. Zillow’s updated forecast expecting 7% growth in the coming year shows that heat will continue for some time.

“Home values are accelerating more quickly than any time since 2014,

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