US Home Values Soar By A Record-Breaking 18.6% Since Last Year. Values In 19 Of The Biggest US Cities At All-Time High
US home values soared in America’s biggest 20 cities. That is except for Chicago. US home values are the highest on record after a post-pandemic lockdown boom sent home prices soaring by almost 20%.
US homes values soared by a record-breaking 18.6% in June compared to 2020. This is the fastest growth in the last 30 years of available data.
The S&P CoreLogic Case-Shiller’s 20-City Composite shows a 19.1% growth in 20 key urban markets from July 2020 to June 2021.
The report includes data for the west coast cities of Denver, Phoenix, Seattle, Portland, San Diego, San Francisco, Las Vegas and LA. East coast cities on the list include New York, Boston, Atlanta, Charlotte, Cleveland, Miami, Tampa, and Washington, D.C.
US Home Values Show It’s A Seller’s Market
The last several months have been extraordinary. It is rare to see this level of price gains and the consistency of gains across the country.
Home prices in 19 of our 20 cities (all but Chicago) now stand at all-time highs.
On a month-to-month basis, the 20-city composite index rose 1.8% from the 16.8% increase on 2020 in May.
For more than two years, Phoenix has led the 20-city composite. Phoenix posted a nearly 30% annual gain two years in a row.
San Diego and Seattle followed behind with 27.1% and 25% annual growth.
The data may back up predictions that economists made about the housing market. They predicted the US housing market would be strengthened after the COVID-19 pandemic. Economists predicted potential US homebuyers move from urban apartments to suburban homes.
Real estate experts say demand for housing continues to far outweigh the supply of homes for sale. They say competition remains elevated and homes are still going under contract more than a week faster compared to a year ago.
However, more-recent data indicates that the housing market may have cooled slightly in recent weeks.