House prices in the United States observed an annual rise of 18.8% in the calendar year 2021, S&P CoreLogic Case-Shiller Indices revealed in its report published on Tuesday. The figure for December 2021 remained the same as in November, seeing a yearly increase of 18.8% as well.
The 10-City Composite went up from 17.0% recorded in December the year before and 16.9% registered in November. Meanwhile, the 20-City Composite grew by 18.6% year-over-year and 18.3% month-on-month. Among the cities included in the survey, Phoenix led the way with an annual increase of 32.5%, followed by Tampa with 29.4% and Miami with 27.3%.
"We have previously suggested that the strength in the U.S. housing market is being driven in part by a change in locational preferences as households react to the COVID pandemic. More data will be required to understand whether this demand surge simply represents an acceleration of purchases that would have occurred over the next several years rather than a more permanent secular change," Craig J. Lazzara, Managing Director at S&P DJI commented on the report.
