Home prices in the 20 largest U.S. metropolitan areas have experienced a seventh consecutive monthly increase, reaching a record high, indicative of an enduring shortage of available properties.
According to the S&P CoreLogic Case-Shiller 20-city house price index, there was an unadjusted 0.2% rise in September compared to the previous month. This surge propelled the index to its highest level since its inception in the late 1980s.
Over the past 12 months concluding in September, home prices in these major U.S. metro markets escalated by 3.9%. This marks a notable increase from the 2.5% rise reported in the August analysis of year-over-year home prices.