Strong Buyer Demand in July 2020, sends National Home Price Index Values Higher

According to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, strong homebuyer demand in July, combined with historically low mortgage interest rates propelled home prices higher in major markets across the U.S. Nationally, home values rose 4.8% annually up from a 4.3% gain in June. The 10-City Composite annual increased revealed a 3.3% gain, up 2.8% from June. While the 20-City Composite rose 3.9% annually up from 3.5% in June. Danielle Hale, chief economist for realtor.com, said in a statement that “Weekly home price data show that sellers are raising asking prices at a double-digit pace, and surprisingly, eager buyers are willing to give them what they’re looking for. Looking forward, we saw asking prices rise by double digits in August so we expect to see another big jump in next month’s release.”