Home prices have seen the biggest spike in 6 years

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Real Estate

Covid-induced demand from homebuyers over the summer caused an exceptionally strong spike in home prices.

Values jumped 7% annually in September, up from a 5.8% annual gain in August, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. That is the largest annual gain since September 2014. Prices are now nearly 23% higher than their last peak in 2006.

The 10-City Composite was up 6.2% year over year, up from 4.9% in the previous month. The 20-City Composite posted a 6.6% gain, up from 5.3% in the previous month. There was no reading for Detroit, due to data collection issues resulting from the pandemic.

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.

Find more information here: https://www.cnbc.com/2020/11/24/home-prices-see-biggest-spike-in-6-years-in-september.html