US single family home prices spiked in November at the fastest rate in more than 6+ yrs, driven by demand for more living space as Americans move to and stay close to home during The China Virus chaos.
Home prices spiked 9.1% in November compared with 12 months ago, according to Tuesday’s report on the S&P CoreLogic Case-Shiller 20-City Home Price Index. That is the largest increase since May 2014.
Low borrowing costs are contributing to rising home sales, which have sharply reduced the number of properties available.
The limited inventory of homes is pushing up home prices. Sales of existing homes rose in December and home sales for all of Y 2020 rose to the highest mark in 14 yrs.
Phoenix posted the largest price gain in November from a year earlier for the 18th month running, with a 13.8% increase. Seattle’s 12.7% gainer was the 2nd-highest, followed by San Diego at 12.3%
Home sales may slow a bit in Winter, but are expected to remain elevated. The number of people who signed contracts to purchase homes fell in November compared with October, but was at a record high for November. Contract signings are usually followed by a completed sale within 60 days.
CoreLogic Case-Shiller Indexes help securities investors, mortgage banks, servicing operations, and government agencies make property valuations, assess and manage risk, mitigate losses, and control appraisal quality.
They feature the following:
- Over 6,000 indexes covering states, counties, metros and ZIP codes across the USA
- 30-yr home price forecasts for all indexes
- Custom Index set for S&P Dow Jones Indices
Banks and Real Estate brokers across the US trust CoreLogic solutions to support lending, appraisals, and agents to grow revenue.
Have a healthy day, Keep the Faith!
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