Wednesday, October 27, 2021

Home Price Growth To Record High: Report

Two new reports suggest US home prices continued to vault their sky high in July, as supply crunch and strong demand combined to keep the pressure high.

Single-family home prices across the United States rose at a record 19.7 percent annual pace in July, according to the S&P Corelogic Case-Shiller National Composite Home Price Index (PDF) released Sept. 28.

This is the largest annual price gain in the history of the series, which goes back nearly 30 years.

“July 2021 is the fourth consecutive month in which housing price growth has hit a record low,” said Craig Lazara, managing director and global head of index investment strategy at S&P DJI, in a statement.

“National Composite Index Marked It” [14th] Prices rose 19.7 per cent in consecutive months from a year ago level, from 18.7 per cent in June and 16.9 per cent in May.

Single-family home prices in 20 major urban markets rose 19.9 percent in July year-on-year, up from 19.1 percent in June and marked the largest annual price increase in the 20-year history of the 20-city composite measure. marks.

“Home prices are now at all-time highs in 19 of our 20 cities, with the only outlier (Chicago) down just 0.3 percent from the 2006 peak,” Lazara said.

A September 28 report from the Federal Housing Finance Agency (FHFA), which uses slightly different data from the Case-Shiller measures, showed that single-family home prices rose 19.2 percent in July, a record high. Is.

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“The record appreciation rate for America continued into July,” Lynn Fisher, deputy director of the FHFA’s Department of Research and Statistics, said in a statement. “While the monthly pace of growth slowed in July in most census divisions, four regions saw year-on-year growth rates of more than 20 percent and all saw annual gains in excess of 15 percent.”

Sales of new single-family homes rose for the second straight month in August, according to a Commerce Department report (PDF) released last week.

The report shows that the average price of a new single family home in August remained unchanged from July and stood at $390,900. This represents an increase of 20 percent from August 2020, when the average price was $325,500.

The Commerce Department report shows housing inventory in August grew compared with 366,000 in July, or 6.1 months of inventory at the current sales rate, or 6.0 months of inventory.

Inventory increased sharply in August 2021 compared to a year ago, when there was 3.5 months of supply.

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Tom Ozimek has an extensive background in journalism, deposit insurance, marketing and communications, and adult education. The best writing advice he’s heard from Roy Peter Clark: ‘Hit your goal’ and ‘Leave the best for last.’

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This News Originally From – The Epoch Times

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