Home prices register 19.1% annual gain in September

WASHINGTON » U.S. home prices rose briskly in September, another sign that the housing market is booming in the aftermath of last year’s coronavirus recession. The S&P CoreLogic Case-Shiller 20-city home price climbed 19.1% in September from a year earlier. The strong price gains marked a deceleration from August’s 19.6% yearover-year increase. Still, September prices in all 20 cities set new records. Phoenix was the nation’s hottest market, registering a 33.1% price increase. It was followed by Tampa (where prices rose 27.7%) and Miami (25.2%). All 20 cities reported doubledigit increases. The smallest gains were in Chicago (up 11.8%) and Minneapolis (12.8%). The housing market has been strong, thanks to rock-bottom mortgage rates, a limited supply of homes on the market and pent-up demand from consumers locked in last year by the pandemic.