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October saw an 18.4% increase in U.S. home prices

Posted on January 10, 2022   |  

  • In October, the S&P CoreLogic Case-Shiller 20-city home price index rose 18.4% compared to 2020 which is a slight drop compared to September's 19.1%.
  • All 20 cities acquired double-digit annual gains in which the hottest markets were  Phoenix (up 32.3%), Tampa (28.1%), and Miami (25.7%), and Minneapolis and Chicago gained the smallest increases, 11.5% respectively.
  • The housing market is strong due to low mortgage rates, limited home supply, and high demand from consumers who were locked last year by the pandemic due to many people are looking forward to trading up from apartments to homes or to bigger houses.
  • The mortgage rate for 30 years dropped by 3.05%, fixed-rate and 15 years fixed rate home loan dropped by 2.66%.