Us house prices rose the most in more than 30 years in April.
Nationwide, the s & p CoreLogic case-Schiller real estate value index rose 14.6% from a year earlier, the biggest increase since 1988 and the 11th month in a row that house prices accelerated, according to data released on Tuesday. The increase in March was 13.2%.
At the same time, house prices in 20 American cities soared 14.9%, the biggest increase since 2005 and higher than the median expected by economists.
"the performance in April was really excellent," said Standard & Poor's Dow Jones.Craig J. Lazzara, head of global index investment strategy at Index, said, "We thought that part of the strength of the U.S. real estate market was due to people's response to the COVID-19 epidemic, as potential buyers shifted from urban apartments to suburban homes. The April data are still in line with this assumption. "
Low mortgage rates and rising demand for suburban homes have boomed the US real estate market for more than a year, and the scarcity of housing has also contributed to the surge in house prices. Sales of second-hand homes in the country fell for the fourth consecutive month in May.
However, house prices are expected to remain high. Builders see high-priced materials, supply shortages and a shortage of skilled workers as ongoing challenges in building new homes.
"the forces that have pushed house prices to new highs over the past year still exist and show little sign of abating," Zillow Group economist Matthew Speakman said in a statement. "the number of homes is still at an all-time low, especially given the rising demand for housing."