November home-price growth hits fastest pace since February 2014
The latest results of the S&P CoreLogic Case-Shiller home price indices confirmed what many in the housing industry have seen firsthand: prices are skyrocketing.
According to the National Composite Index, prices in November vaulted 9.5% year over year, up from 8.4% in October and the highest annual pace of increase since February 2014. November growth rates for the 10- and 20-City Composite Indices, which were up 8.8% and 9.1% year over year, respectively, were also higher in November than in October.
“The trend of accelerating home prices that began in June 2020 has now reached its sixth month with November’s emphatic report,” said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices.
“The housing market continued to hold stronger than expected throughout the last months of 2020 and despite increases in infection rates across the country,” concurred Selma Hepp, deputy chief economist for CoreLogic. “With mortgage rates steadily falling through the end of the year and buyers realizing that the pandemic is still far from over, robust demand was not fazed by traditional seasonal slowdown.” Arnie Aurellano, Scotsman Guide