Last year was the best December for domestic sales in the last seven years.
The S&P CoreLogic Case-Shiller National Home Price Index in the United States rose 10.4 percent year on year December. That’s an increase of 9.5 percent a year November when the monthly index exceeded the previous peak in July 2006.
The December profit represents the best performance in the calendar year since 2013, said Craig Lazzara, CEO and global head of index investment strategy at S&P Dow Jones Indices.
“Trend accelerating prices which started in June 2020, has now reached its seventh month, “Lazzara said in a statement.
The national trend took place in the vast majority of the 20 cities surveyed by the indices, with the exception of Detroit, where price data were still not available due to the pandemic.
The index of 20 cities (minus Detroit) recorded a year-on-year increase of 10.1 percent, compared to 9.2 percent in November. The index of 10 cities grew by 9.8 percent year on year, compared to 8.9 percent a month ago. The metro areas that saw the largest price increases continued to be Phoenix, Seattle and San Diego.
The Federal Housing Financing Agency’s house price index, which monitors the value of family houses with more than 400 inhabitants, also recorded a large year-on-year increase. House prices in the EU have risen by almost 11 percent last quarter 2020, according to the index.
FHFA HPI has been monitoring house prices since the 1970s and Dr. Lynn Fisher, deputy director of research and statistics at FHFA, said last quarter’s gains were the largest year-over-year and quarterly increase in the index’s history.
Home prices rose in the 100 largest metro areas surveyed, with Boise City, ID, recording the largest year-over-year increase of 23.4 percent. The weakest price growth was recorded in the area, including San Francisco, San Mateo and Redwood City, where house prices rose by only 2.4 percent.