US home prices surged nearly 19% in October as market continues to boom

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U.S. home prices surged again in October as the housing market continues to boom in the wake of last year’s coronavirus recession.

U.S. home prices surged again in October as the housing market continues to boom in the wake of last year's coronavirus recession.

All 20 cities posted double-digit annual gains. The hottest markets were Phoenix , Tampa and Miami . Minneapolis and Chicago posted the smallest increases, 11.5% each. "Home price growth will slow further in the year ahead, but continue to go up,″ said Danielle Hale, chief economist at Realtor.com. "As housing costs eat up a larger share of home purchaser’s paychecks, buyers will get creative. Many will take advantage of ongoing workplace flexibility to move to the suburbs where despite home price gains, many can still find a lower price per square foot than nearby cities.

 

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Home Prices in the US are highly resilient and will keep growing through the 20s.

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