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October's Home Price Gains Break a Six-Year Record

Tuesday, December 1, 2020

That the rapid rise in home prices since spring is setting near decade long highs was confirmed again this week, this time by CoreLogic. The company says its Home Price Index (HPI) rose 7.3 percent over the 12 months that ended in October and was the was the fastest rate of appreciation since April 2014. Prices were up 1.1 percent month-over-month. The company says that home prices climbed in recent months due to heightened demand and ongoing home supply constraints. This could grow worse if the pandemic worsens and potential sellers hold off listing their homes. There is hope, however, for meeting some of the demand. New home construction surged in October and the National Association of Home Builders reported its index measuring home builder confidence in the new home market set a third record high in as many months. While prices are rising rapidly on a nationwide basis, local markets continue to vary. Phoenix has a severe shortage of for-sale homes and prices there posted a 2.1 percent annual increase in October. Meanwhile, the New York-Jersey City-White Plains metro saw prices rise only 2.1 percent as residents continue to seek out more space in less densely populated areas. At the state level, Maine, Idaho, and Arizona experienced the strongest price growth in October, up 14.9 percent, 13.1 percent, and 12 percent, respectively.

 

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