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If you’re an urban dweller in the United States, then you are more than likely seeing property values go up all around you. This is great when you already own property — not so much when you’re trying to get into the market.
In 20 key U.S. cities (that make up the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index), housing prices were up an average 6.4 percent year-over-year in October, according to the newest numbers released by S&P CoreLogic Case-Shiller.
“Home prices continue their climb supported by low inventories and increasing sales,” says David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. He notes that home prices are increasing at a rate roughly three times the rate of inflation.
“Underlying the rising prices for both new and existing homes are low interest rates, low unemployment and continuing economic growth.
But the spread between the least and greatest annual increases in housing prices is enormous — ranging from a modest 3.1 percent to nearly 13 percent.
Here’s how the cities ranked, beginning with the most tepid price growth and proceeding to the most sizzling hot: