Home Prices Jump 7% Higher in September According to Latest S&P CoreLogic Case-Shiller Report

According to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index report released today (11/24) the COVID-19 pandemic stimulated demand from homebuyers over the summer which has caused an exceptionally strong spike in home prices. On an annual basis home values jumped 7% in September and were up 5.8% from August. This is the largest annual gain since September 2014. Prices today are now nearly 23% higher than their last peak in 2006. The 10-City Composite annual increase came in at 6.2%, up from 4.9% in the previous month. The 20-City Composite posted a 6.6% year-over-year gain, up from 5.3% in the previous month. This index is a three-month running average, so it represents prices from July through September, when buyers were eagerly seeking homes with more space for working and schooling at home due to the coronavirus.