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Home prices remain on the rise

December 2021

Growth in home prices continued in October according to the latest Case-Shiller results, released Dec. 28. Down from the previous month, October nonetheless reported a 19.1 percent annual price gain.

The latest S&P CoreLogic Case-Shiller National Home Price Index released Tuesday, Dec. 28 shows the month of October did not disappoint with home price gains.

Covering all nine U.S. census divisions, the report showed a 19.1 percent annual gain in October, down from 19.7 percent in September. Despite the decrease, October’s growth still proved to be impressive.

According to the report, the 10-City Composite annual increase was 17.1 percent in October, down from 17.9 percent in September. The 20-City Composite posted an 18.4 percent year-over-year gain, down from 19.1 percent the month prior.

Annually, all 20 cities posted double-digit gains. The best performing markets were Phoenix (32.3 percent increase), Tampa (28.1 percent increase) and Miami (25.7 percent increase).

On the other end, the smallest annual increases were noted in Minneapolis and Chicago, which both displayed a 11.5 percent annual gain.

Since an all-time high in August 2021 for annual house price growth, each month following has shown an incremental decrease. However, appreciation is above any rate ever measured prior to 2021.

House price appreciation will continue to slow from this summer’s unsustainable levels, notes a Tuesday report from Zilllow, but conditions ensure growth will exceed normal rates over the next year.