IRVINE, Calif.––Another indicator of how robust the housing market has become: Home prices in 20 U.S. cities rose in September by the most in more than three years, according to the latest S&P CoreLogic Case-Shiller data.
The data show:
- 20-city property values index increased 6.2% year over year, the most since July 2014, after gaining 5.8% year over year
- National home-price gauge rose 6.2% year over year
- Seasonally adjusted 20-city index advanced 0.5% from one month earlier
Separately, the Zillow Real Estate Market Report for October also shows home values are gaining thousands of dollars in value each month.
In October, the national home value rose 6.5% to a median of $203,400—making the median home $12,500 more valuable than it was a year ago, according to the Zillow data.
"Home values are growing at a historically fast pace, and those potential buyers want to get in the market while they still can,” said Zillow Chief Economist Dr. Svenja Gudell in a statement. “But with homes gaining so much value in just one year, buyers–especially first-time buyers–have to set aside more and more money for a down payment just to keep up with them.”
Regionally, the San Jose, California market continues to be the country’s hottest market, with the Zillow data showing it had the greatest increase in home values over 2017, with homes worth 12.3%—a $118,200 increase—compared to the same month last year.