The S&P CoreLogic Case-Shiller US National Home Price NSA Index reported Tuesday a +7% annual gain in September 2020, up from +5.8% in August.
Adding to pressure on home prices is the ever shrinking supply of homes for sale, already at a record low. Inventory fell to a 2.5-month supply at the end of October, according to the National Association of Realtors.
While single-family home construction is rising slowly, it is not even close to meeting the demand, especially in the lower price tiers.
Elsewhere, the Federal Housing Finance Agency House Price Index (FHFA HPI®) released also Tuesday that US house prices rose +7.8% from 3Q 2019 to 3Q 2020.
House prices were up +3.1% in 3Q 2020 compared to 2Q.
FHFA’s seasonally adjusted monthly index for September was up +1.7% from August.