American Home Price Growth Hits Record-High for Third Straight Month in June

Source: S&P DJI

US home prices grew by a record-high pace for the third straight month in June, as potential homebuyers shifted to suburban areas from urban apartments.

• The S&P CoreLogic Case-Shiller US National Home Price NSA Index rose by 18.6% in June, up from 16.8% in May. This is the highest reading in over 30 years of data collection.
• Acceleration was also reflected in the 10-City Composite, which rose 18.5%, and the 20-City Composite, which climbed 19.1%.
• Boston, Charlotte, Cleveland, Dallas, Denver, and Seattle recorded record-high annual gains. Price gains in all 20 cities were in the top quartile based on historical performance.
• Phoenix posted the biggest gain with 29.3%, marking its 25th straight month with the highest increase. It was followed by San Diego with 27.1% and Seattle with 25.1%.
• Price gains were the biggest in Southwest and the West, but all regions recorded double-digit gains.
• S&P DJI Managing Director Craig Lazzara said the latest data shows that demand is driven by the reaction to the COVID pandemic, with buyers leaving urban areas and choosing suburban properties.