Last week, the National Association of Realtors reported that sales of previously occupied homes rose 0.8% last month to a seasonally adjusted annual rate of 6.3 million, strongest annual pace since January. housing market is being driven by households’ reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes.” He added: “We have previously suggested that the strength in the U.S. Lazzara, managing director at S&P Dow Jones Indices. “Housing prices continued to show remarkable strength in September, though the pace of price increases declined slightly,” said Craig J. The housing market has been strong, thanks to rock-bottom mortgage rates, a limited supply of homes on the market and pent-up demand from consumers locked in last year by the pandemic. The smallest gains were in Chicago (up 11.8%) and Minneapolis (12.8%). All 20 cities reported double-digit increases. It was followed by Tampa (where prices rose 27.7%) and Miami (25.2%).

Phoenix was the nation’s hottest market, registering a 33.1% price increase. Still, September prices in all 20 cities set new records. The strong price gains marked a deceleration from August’s 19.6% year-over-year increase.

The S&P CoreLogic Case-Shiller 20-city home price climbed 19.1% in September from a year earlier. home prices rose briskly in September, another sign that the housing market is booming in the aftermath of last year’s coronavirus recession.

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