The increase in US home prices continued to accelerate in July, setting an annual record for the fourth straight month as strong demand and a dearth of available properties sent values soaring.
Home prices were up 19.7 per cent nationally compared with the same month last year, the biggest gain on record dating back to 1988, according to the S&P Corelogic Case-Shiller index. That surpassed the previous record set in June, when prices rose 18.7 per cent year on year.
“The last several months have been extraordinary, not only in the level of price gains but in the consistency of gains across the country,” said Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices.
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