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House prices soar by a record-breaking 18.6% since last year: Cost of homes in 19 of America's biggest 20 cities now stand at all-time high

House prices in America's biggest 20 cities, except Chicago, are the highest on record after a post-pandemic lockdown boon sent home prices soaring by almost 20 per cent.

The price of US homes in June had soared by a record-breaking 18.6per cent compared to 2020 - the fastest growth in the last 30 years of available data.

Metropolitan areas have seen even larger gains as the S&P CoreLogic Case-Shiller's 20-city composite reported a 19.1 per cent growth in 20 key urban markets from July 2020 to June 2021.

The report includes data for Phoenix, Seattle, New York, Chicago, Boston, Atlanta, Dallas, Charlotte, Cleveland, Denver, Las Vegas, Los Angeles, Miami, Minneapolis, Portland, San Diego, San Francisco, Tampa, and Washington, D.C. 

The U.S. is enjoying its fastest ever growth in single-family home prices. The nation's 20 major metropolitan areas are seeing an even larger boost

The U.S. is enjoying its fastest ever growth in single-family home prices. The nation's 20 major metropolitan areas are seeing an even larger boost

Pictured, a home for sale in Pheonix, Arizona. Phoenix has led the 20-city composite in growth

Pictured, a home for sale in Pheonix, Arizona. Phoenix has led the 20-city composite in growth

'The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country,' said Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, in a press statement. 

'Home prices in 19 of our 20 cities (all but Chicago) now stand at all-time highs, as do the National Composite and both the 20-City indices.'

TOP THREE US CITIES FOR HOUSE PRICE GROWTH

Phoenix saw a 29.3% year-over-year increase between 2020 and 2021

 San Diego was up 27.1%

Seattle increased by 25%

On a month-to-month basis, the 20-city composite index rose 1.8 per cent from the 16.8 per cent increase on 2020 in May. 

For more than two years, Phoenix has led the 20-city composite, posting a nearly 30 per cent annual gain.

San Diego and Seattle followed behind with a 27.1 percent and 25 per cent annual growth, respectively. 

Lazzara said the data may back up a prediction economists had about the housing market being strengthened after the COVID-19 pandemic as potential homeowners move from urban apartments to suburban homes. 

He added that the surge could have also just occurred naturally. 

'This demand surge may simply represent an acceleration of purchases that would have occurred anyway over the next several years.' 

Zillow Economist Matthew Speakman noted that while the U.S. has enjoyed the continued growth, signs are indicating it may not last too long. 

Phoenix continues to lead in growth, posting a nearly 30 per cent annual gain

Phoenix continues to lead in growth, posting a nearly 30 per cent annual gain  

Seattle rebounded after a fall in 2019 and is now reporting an all-time high annual gain

Seattle rebounded after a fall in 2019 and is now reporting an all-time high annual gain

'Demand for housing continues to far outweigh the supply of homes for sale: Competition remains elevated, and homes are still going under contract more than a week faster than they were a year ago. But despite the enduring market competition, more-recent data indicate that the scalding hot housing market may have cooled slightly in recent weeks,' Speakman told Housing Wire. 

'Sales volumes that were falling sequentially in the spring have recently leveled off and price growth has simultaneously softened. 

'All told, home price growth remains sky high, but more signals are appearing that the housing market is likely to soon start coming back to earth.'

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