7/27, 3:00 PM (Source: TeleTrader)
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US home prices jump 16.6% in May - S&P/Case-Shiller

Prices of homes in all nine census divisions in the United States climbed by 16.6% in May on an annual basis, the highest reading in more than 30 years of S&P CoreLogic Case-Shiller data, according to a report released on Tuesday.

The 10-City Composite grew by 16.4%, 1.9 percentage points higher than in April, while the 20-City Composite yearly increase stood at 17%. The largest price gains were observed in Phoenix, San Diego, and Seattle while the growth was broad-based as prices accelerated in all 20 cities included in the report.

"We have previously suggested that the strength in the US housing market is being driven in part by reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes. May’s data continue to be consistent with this hypothesis," Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices Craig J. Lazzara stated in the report.

Breaking the News / JC