Home prices across the United States jumped 10.4% in December, traditionally as a slow month for realty. Case-Shiller Home Price Indices which measures average home prices in major metropolitan areas saw one of the largest annual gains in the 30-year history of the index.
Phoenix, Seattle, and San Diego continued to show the strongest price gains among the 19 cities surveyed.
Record low interest rates and pandemic forced work from home has led to a surge in home sales across the United States. Sales of previously owned homes, which make up the bulk of the housing market, rose in 2020 to their highest annual level since 2006.