According to S&P CoreLogic Case-Shiller report, home prices in the US were 16.6% higher in May 2021 than they were in May 2020. It was the highest reading in over 30 years of Case-Shiller reporting.
April’s rise was also high at 14.8% year over year.
The city’s reporting the highest home price increase were Phoenix, San Diego and Seattle, among the 20 cities tracked in this report. All 20 cities reported upward trends in home prices for the year ending in May 2021. Phoenix reported a 24.7% price increase for the year, and San Diego had a 24.7% increase. Seattle’s was 23.4%.
Cities with the lowest gains were Chicago, Cleveland and Minneapolis, although they all had gains in the low double-digits.
Some of the cities had record-breaking annual gains: Cleveland, Dallas, Denver, Seattle and Charlotte, North Carolina.
The high home prices have but a bit of damper on the number of homes being sold during the past few months, but now that the number of homes available for sale is increasing it is expected that prices will begin to come back down to earth.