Housing Prices Jump The Most In More Than 3 Decades

U.S. home prices jumped the most in more than 30 years in April.

Nationally, the S&P CoreLogic Case-Shiller index of property values climbed 14.6% from a year earlier, the biggest gain in data going back to 1988. That came after 13.2% increase in March, and was the 11th straight month that price gains accelerated.

Home prices in 20 U.S. cities, meanwhile, jumped 14.9%, beating the median estimate in a survey of Bloomberg economists and was the biggest gain since 2005.

“April’s performance was truly extraordinary,” said Craig J. Lazzara, global head of index investment strategy at S&P Dow Jones Indices. “We have previously suggested that the strength in the U.S. housing market is being driven in part by reaction to the Covid pandemic, as potential buyers move from urban apartments to suburban homes. April’s data continue to be consistent with this hypothesis.”

Read more at NEWSMAX.

{Matzav.com}