Amid the soaring home prices that have been seen across the country during the pandemic, they rose in July by a record 19.9 percent compared to a year earlier according to the S&P CoreLogic Case-Shiller 20-city home price index. With records dating as far back as 2000, the data shows that home prices reached all-time highs in 19 of the 20 cities.
Prices have spiked as the supply of homes hasn’t been able to keep up with the pace of demand from people who want to buy. Factors driving sales include low mortgage rates and wanting more living space during the pandemic.
Sales of existing homes are up 16 percent in the first eight months of 2021 compared to last year, and up 12 percent from the same period in 2019.