By Mike Sunnucks | Rose Law Group Reporter
U.S home prices were up 18.4% in October compared to a year ago with Phoenix, Tampa and Miami showing the strong gains, according to the much-watched S&P CoreLogic Case-Shiller 20-city index.
The October rise was reported Dec. 28 and compares to a 19.1% year-over-year rise in September. Home prices are still up year-over-year but their rate of growth has eased some nationally, according to the index.
Home prices in Phoenix were up 32.3% in October compared to a year earlier. That is the highest of the 20 major U.S. markets in the index.
Tampa (28.1%) and Miami (25.7%) had the next highest price increase in the latest real estate index.
“In October 2021, U.S. home prices moved substantially higher, but at a decelerating rate,” says Craig Lazzara, managing director at S&P DJI. “The National Composite Index rose 19.1% from year-ago levels, and the 10- and 20-City Composites gained 17.1% and 18.4%, respectively. In all three cases, October’s gains were below September’s, and September’s gains were below August’s. That said, October’s 19.1% gain in the National Composite is the fourth-highest reading in the 34 years covered by our data. (The top three were the three months immediately preceding October.)
Phoenix has had the hottest housing market in the U.S. with price gains spurred by high demand but pricing out some entry level and first time homebuyers.
“Phoenix’s 32.3% increase led all cities for the 29th consecutive month. Tampa (+28.1%) and Miami (+25.7%) continued in second and third place in October, narrowly edging out Las Vegas, Dallas, and San Diego. Prices were strongest in the South and Southeast (both +24.4%), but every region continued to log double-digit gains,” Lazzara said.
