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9/28, 3:01 PM (Source: TeleTrader)
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US house prices up by record 19.7% in July - S&P/Case-Shiller

Prices of homes in all nine census divisions in the United States observed an annual rise of 19.9% in July, with the figure reaching its new record-high but coming in slightly below expectations, S&P CoreLogic Case-Shiller revealed in its report published on Tuesday. In comparison to the previous month, the fees rose by 18.7%.

On an annual level, the 10-City Composite expanded by 19.1%, while the 20-City Composite gained 19.9%. Meanwhile, the 10-City Composite went up by 18.5% and the 20-City Composite by 19.1% month-on-month.

"We have previously suggested that the strength in the US housing market is being driven in part by a reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes. [...] This demand surge may simply represent an acceleration of purchases that would have occurred anyway over the next several years," Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI, remarked.

Breaking the News / JR