Economic Update: Home Prices, COVID Cases, Guidelines, & Economic Impact, and More!

SVN Miller Economic Update

We invite you to review SVN’s latest economic update! Read the free, no strings attached, report here!

 

HOME PRICES:
• National home price growth has receded from its peak but continues to be strong, registering a 19.1%
year-over-year increase in October, the latest month of data available from the S&P CoreLogic CaseShiller Home Price Index. Annual increases have slowed since reaching an all-time high of 19.9% in
August but remain well above historical averages.
• Phoenix leads all metros in year-over-year growth for the 29th consecutive month, with home prices
climbing by a staggering 32.3% since October 2020. Tampa and Miami remain standouts at 2nd and 3rd,
where home prices rose 28.1% and 25.7%, respectively. The two Florida metros have maintained their
strength after eclipsing their Western compatriots San Diego and Seattle over the summer, which had
dominated growth alongside Phoenix for much of 2021.
• Historic home price growth continues to be a nationwide phenomenon, but the dominance of
cities across the southwest and southeast throughout this cycle is indicative of changing locational
preferences among homebuyers, with factors such as remote work expanding consumer choice in the
housing market.

 

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