Home-price growth jumped to a record high in 2021, as low mortgage-interest rates pushed buyers to fight for a limited number of available homes for sale.
- The S&P CoreLogic Case-Shiller National Price Index, which tracks average home prices in major metropolitan areas across the U.S., expanded 18.8% in the year ended in December, almost the same as the prior month.
- Selma Hepp, deputy chief economist at CoreLogic stated that the surge in mortgage rates is likely to affect the demand for housing, mostly among first-time buyers and those with limited budgets.
- The Case-Shiller 10-city index rose 17% over the year, compared with a 16.9% increase in November. The 20-city index gained 18.6%, after a yearly increase of 18.3% in November.
Phoenix had the fastest home-price growth in the country for the 31st consecutive month, at 32.5%, Tampa, Florida recorded the second-fastest gain at 29.4%.
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Source: S&P Dow Jones Indices.
