U.S. home prices jumped in October by the most in more than six years as a pandemic-fueled buying rush drives the number of available properties for sale to record lows. That combination of strong demand and limited supply pushed home prices up 7.9% in October compared with 12 months ago, according to Tuesday’s S&P CoreLogic Case-Shiller 20-city home price index. The biggest price gain was in Phoenix for the 17th straight month, where home prices gained by 12.7 percent from a year ago. Home sales slipped in November, according to the National Association of Realtors, after rising steadily for the previous five months. The number of homes for sale fell to 1.28 million in November, the Realtors said, enough to last just 2.3 months at the current pace of sales.

Source: The Standard December 30, 2020 06:33 UTC