The rise in U.S. domestic prices continued to grow in July, with each year in the fourth straight month as the demand for energy and the shortage of available resources send rising prices.
Household prices rose 19.7 percent worldwide compared to the same month last year, the highest gain on record since 1988, according to the S&P Corelogic Case-Shiller index. This was over history was established in June, when prices rose 18.7 percent year-on-year.
“The past few months have been amazing, not only in terms of profitability but consistently in terms of revenue across the country,” said Craig Lazzara, director and director of global index strategy at S&P Dow Jones Indices.
Market prices for major markets are up 19.1% compared to the previous year, while the index of 20 cities jumped 19.9 percent.
17 of the 20 cities reported an increase in annual growth compared to June. Domestic prices in all markets but one in the markets are always available, while Chicago is only 0.3% lower.
The U.S. housing market has been on fire for the epidemic, due to low mortgage lending and a massive crackdown on local buyers in the region. Combined with strong availability, strong demand has rapidly raised prices.
“It is clear that the negative effects of the labor market have drastically reduced the value of mortgages and the positive effect of increasing single-family families from cities that are looking for more land,” said Joshua Shapiro, US chief financial officer at MFR.
However, the number of homes listed for sale, as well as rental rates, has recently kept some buyers on the sidelines. The National Association of Realtors says last week that the sale of pre-existing homes fell 2% in August against the previous month.
“The competition for low-end housing is still strong and house prices continue to rise as a result of this. But market instability, which has pushed up inflation, is showing signs of recovery, “said Matthew Speakman, an economist at Zillow information service.
Speakman added that inflation increased for the fourth consecutive month in August, and retailers “appear to be taking a lesser approach by putting their homes on the market”, and lower prices are becoming more common.