Robert Besser
26 Feb 2021, 16:02 GMT+10
The US is witnessing the strongest housing market boom since 2014, with record-low mortgage rates and a limited supply of homes, amid the ongoing pandemic stoking a surge in home prices.
Twenty US cities recorded an uptick in prices in December 2020, with Phoenix, San Diego, and Seattle posting the biggest gains, Bloomberg reported.
Phoenix recorded a 14.4-percent increase in home prices, the highest among all cities. Meanwhile, the overall gain was pegged at 10.8 percent in the West.
The surge in home prices beat expectations, with the S&P CoreLogic Case-Shiller 20-city composite index of property values climbing 10.1 percent from one year ago, its largest increase since 2014, Bloomberg reported.
The price gains were higher than the median estimate of 9.9 percent by economists surveyed by Bloomberg and followed a 9.2-percent surge in November. In fact, December was the fourth straight month of prices recording their largest growth since 2014.
Meanwhile, the national Case-Shiller index gained 10.4 percent, also posting its biggest jump since 2014.
"These data are consistent with the view that Covid has encouraged potential buyers to move from urban apartments to suburban homes," Craig Lazzara, global head of index investment strategy at S&P Dow Jones Indices, told Bloomberg.
The home-price rally started in July 2020 and picked up pace in the last few months of the year, as buyers tried to take advantage of historically low mortgage rates to purchase homes in suburbs.
Get a daily dose of Denver Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Denver Sun.
More InformationLONDON, England: Research has shown that COVID-19 infections have dropped some 60 percent in March in Britain, as the nationwide ...
MOSCOW, Russia: - Radio Free Europe has been fined $70,000 by a Russian court.The Russian move was part of a ...
ISTANBUL, Turkey: Turkey has arrested ten former admirals who criticized a government plan to build a canal to the Mediterranean ...
WASHINGTON D.C.: The Biden administration has voiced concern over the slowing pace of senior citizens, aged 65 and older, who ...
ROME, Italy: As Covid-19 rages throughout Europe, Italy recorded 344 coronavirus-related deaths on Saturday and 718 the day before. However, ...
TAIPEI, Taiwan: China has again sent fighter jets into Taiwan's air defense zone, causing Taiwan to launch its own jets ...
BIG SUR, California: Following a two month closure of California's famed Highway 1 along scenic Big Sur, the roadway is ...
KNOXVILLE, TENNESSEE - Police say multiple people including an officer were shot Monday at a high school in the east ...
The Boston Celtics are showing glimpses of life and hope to ride the momentum of a stirring comeback when they ...
Lights out in the early portion of his first two starts with the Los Angeles Dodgers, right-hander Trevor Bauer will ...
The Colorado Avalanche acquired Carl Soderberg from the Chicago Blackhawks on Monday in exchange for fellow forwards Josh Dickinson and ...
Veteran right-hander Ivan Nova will get another chance to prove himself, joining the Colorado Rockies organization, FanSided.com reported Monday. It ...