US Home Prices Are Soaring At The Fastest Pace In 7 Years

Don’t worry, there’s no inflation – apart from in gas and home prices.

According to AAA, gas prices at the pump are back near their highest in 6 years, up a stunning 42% YoY…

Source: Bloomberg

And according to Case-Shiller, US home prices in 20 major cities are up a shocking 11.10% year-over-year

Source: Bloomberg

This is the fastest YoY rise since March 2014.

Away from the 20 major cities, prices are rising even faster, up 11.22% – the fastest YoY price appreciation since Feb 2006…

“The trend of accelerating prices that began in June 2020 has now reached its eighth month,” Craig Lazzara, global head of index investment strategy at S&P Dow Jones Indices, said in statement.

“The market’s strength is broadly-based: all 20 cities rose, and all 20 cities gained more in the 12 months ended in January 2021 than they had gained in the 12 months ended in December 2020.”

Phoenix, Seattle, San Diego reported highest year-over-year gains among 20 cities surveyed.