US Housing Prices Highest in Three Decades

US home prices jumped the most in more than 30 years in April. Nationally, the S&P CoreLogic Case-Shiller index of property values climbed 14.6% from a year earlier, the biggest gain in data going back to 1988. That came after 13.2% increase in March, and was the

BY Realty Plus
Published - Thursday, 01 Jul, 2021

US Housing Prices Highest in Three Decades

US home prices jumped the most in more than 30 years in April. Nationally, the S&P CoreLogic Case-Shiller index of property values climbed 14.6% from a year earlier, the biggest gain in data going back to 1988. That came after 13.2% increase in March, and was the 11th straight month that price gains accelerated. Home prices in 20 US cities, meanwhile, jumped 14.9%, beating the median estimate in a survey of economists and was the biggest gain since 2005. A row of shotgun double homes in the Treme neighborhood of New Orleans, Louisiana, US. US home prices jumped the most in more than 30 years in April. Nationally, the S&P CoreLogic Case-Shiller index of property values climbed 14.6% from a year earlier, the biggest gain in data going back to 1988. That came after 13.2% increase in March, and was the 11th straight month that price gains accelerated. Home prices in 20 US cities, meanwhile, jumped 14.9%, beating the median estimate in a survey of economists and was the biggest gain since 2005. Low mortgage rates and demand for properties in the suburbs have fueled the US housing market for more than a year, with a shortage of homes to buy helping to push prices higher. Many buyers are running into issues finding properties they can afford. Sales of previously owned homes in the US fell for a fourth straight month in May. Still, home prices are expected to remain elevated. Builders cite high materials prices, supply shortages and a limited number of skilled workers as ongoing challenges as they race to complete new homes. The forces that have propelled home price growth to new highs over the past year remain in place and are offering little evidence of abating. The number of available homes for sale remains historically small, particularly given the elevated demand for housing.