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US Home Prices Surge by Historic 20%

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Home financing (cost of occupancy) concept - model of the house with calculator instead of the roof

The United States opened the year with a nearly 20% surge in home prices, marking the fourth-highest year-on-year growth in 35 years.

Source: S&P Global

XHB is up 3.84%, while ITB is up 3.81%.

The National Home Price NSA Index posted a 19.2% annual gain in January, higher than the 18.9% increase recorded in December 2021. This is the fourth-largest since data collection started 35 years ago.

The 10-City Composite recorded an annual increase of 17.5% to mark slight growth from 17.1% in December 2021, while the 20-City Composite posted annual growth of 19.1%, up from 18.6% the month earlier.

The biggest annual increases were recorded in Phoenix, up 32.6%, in Tampa, up 30.8%, and Miami, up 28.1%. Annual increases were posted in 16 out of the 20 cities from the year-to-date in December.

S&P DJI Managing Director Craig Lazzara believes home prices are expected to be hit by increasing mortgage rates in the short term.

 

 

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