x

Economy

US Home Price Gains Accelerate as Pandemic Shakes Up Housing

November 24, 2020

WASHINGTON — U.S. home prices jumped in September as strong demand, low interest rates and the smallest number of available homes on record combined to push up housing costs. 

The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, showed that home prices rose 6.6% in September from a year earlier, much higher than its 5.3% increase in August. That is the biggest increase since April 2018.

The viral pandemic disrupted the spring home buying season, pushing many sales into the late summer and fall. Home sales jumped to the highest level in 14 years in September, a sign that the increased ability of some Americans to work from home and the desire for more space is spurring greater demand. 

Prices skyrocketed 11.4% in Phoenix compared with a year earlier, the biggest gain nationwide. Seattle reported the second highest increase, at 10.1%, followed by San Diego at 9.5%. 

The number of homes for sale sank in September to the lowest level since records began in 1982, according to the National Association of Realtors. And last week mortgage rates fell to a record low of 2.72%, according to mortgage buyer Freddie Mac. 

Home prices are rising broadly across the country. In September, 19 cities in the S&P 20-city index reported bigger price gains compared with a year ago than in August. The 20th city, Detroit, has reported delays at its recording office because of the pandemic and did not have enough data to calculate price changes. 

RELATED

WASHINGTON (AP) — The number of Americans applying for unemployment benefits slipped last week as the U.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Alberto, Season’s First Named Tropical Storm, Dumps Rain on Texas and Mexico, Which Reports 3 Deaths

TAMPICO, Mexico (AP) — Tropical Storm Alberto rumbled toward northeast Mexico early Thursday as the first named storm of the season, carrying heavy rains that left three people dead but also brought hope to a region suffering under a prolonged, severe drought.

BERLIN  — Austria picked up a crucial win at the European Championship by defeating Poland 3-1 in its second group match and leaving the Poles on the brink of elimination on Friday.

DUESSELDORF, Germany  — It's all about resilience for Ukraine at the European Championship, whether on the field or trying to inspire those at home in wartime.

WASHINGTON (AP) — The Supreme Court on Friday upheld a federal gun control law that is intended to protect victims of domestic violence.

Armenia said it would recognize a Palestinian state on Friday, prompting Israel to summon its ambassador for what the Foreign Ministry described as a “severe reprimand.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.