According to the latest S&P CoreLogic Case-Shiller Indices, covering all nine U.S. census divisions, the rate of home price increases reported a 10.4% annual gain in December, 2020. Their 10-City Composite annual increase came in at 9.8% and the 20-City Composite posted a 10.1% year-over-year gain. The S&P CoreLogic Case-Shiller Home Price Indices are one of the leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions. Interestingly, they cite the ongoing urban exodus in their report:
“These data are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This may indicate a secular shift in housing demand, or may simply represent an acceleration of moves that would have taken place over the next several years anyway. Future data will be required to address that question.” Said Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P.