Home Price Gains Accelerate With Pandemic Demand

By 
The Associated Press

Washington – U.S. home prices jumped in September as strong demand, low interest rates and the smallest number of available homes on record combined to push up housing costs.

The S&P CoreLogic Case-Shiller 20-city home price index, released last Tuesday, showed that home prices rose 6.6% in September from a year earlier, much higher than its 5.3% increase in August.

The pandemic disrupted the spring home buying season, pushing many sales into the late summer and fall. Home sales jumped to the highest level in 14 years in September, a sign that the increased ability of some Americans to work from home and the desire for more space is spurring greater demand.

The number of homes for sale sank in September to the lowest level since records began in 1982, according to the National Association of Realtors.

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