The data showed that the S&P/CS 20 metropolitan home price index rose 11.94% in February from a year earlier, which was greater than the market’s expectation of 11.8% and the previous value of 11.1%, which was also the eighth consecutive month of increases. The S&P/CS national home price index released at the same time in February was up 12% from a year ago, the largest increase since 2006.
By region, all of the 20 major cities except Chicago and Las Vegas saw double-digit one-year gains, with Phoenix and San Diego ranking high with gains of more than 16 percent. In addition, all areas of the one-year increase is more than four times the Federal Reserve’s inflation target.
According to data from the National Association of Realtors on April 22, quarterly annualized home sales in March were 6.01 million units, down 3.7% compared to February. But March home prices rose 17.2% year-over-year, a record increase, while the median of $329,100 set a new all-time high. And data released by the U.S. Census Bureau on April 23 showed that new home sales in March were at an annualized 1.021 million after quarterly adjustments, the highest level since 2006, with a more than 20% increase from February, and a 66.8% rise from last year’s low after the new crown blockade.
Craig Lazzara, managing director of S&P Dow Jones and also head of global index investment strategy, said after the release of the data that the current 12 percent increase in the national home price index is the highest recorded since February 2006 and is in the top 10 of historical performance. In addition, he said.
(Housing demand) may represent buyers who are accelerating their purchases and who will buy a home within the next few years anyway, or it may be a long-term change in home buying preferences that is causing a permanent shift in the housing demand curve. If you want to analyze this, you need future data to support it.
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