Atlanta, Georgia 2021-02-23 09:37:00 –
Home prices soared nationwide in December 2020, driven by low mortgage rates and the move of Americans to the suburbs.
S & P CoreLogic Case-Shiller 20 City Home Price IndexReleased on Tuesday, it rose 10.1% year-on-year in December. The year-end surge was the largest since April 2014, following a significant increase of 9.2% year-on-year in November.
Atlanta home sales in December increased by about 1% month-on-month from November, while Atlanta home sales increased 8.9% year-on-year. Home prices rose 14.4% in Phoenix, 13.6% in Seattle and 13% in San Diego. But prices have risen everywhere. Chicago, which recorded the slowest price increase, saw a 7.7% increase.
The housing market has fought the coronavirus pandemic with the help of solid mortgage rates on mortgages. The benchmark 30-year fixed rate mortgage average interest rate rose from 2.73% last week to 2.81%, well below the previous year’s 3.49%.
However, the Commerce Department reported last Thursday that US home construction fell 6% in January and single-family home construction fell 12.2%. Apartment construction rose 16.2%. Still, building permit applications, which generally indicate where home construction is heading, surged in January.
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Home sales soar in Atlanta and across the nation | News Source link Home sales soar in Atlanta and across the nation | News