• Leave a Review

Joe Gonzalez Team

CrossCountry Mortgage

  • About
  • Resources
    • Calculator
    • Refinancing
    • First Time Buyer Tips
    • First Time Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Programs
    • Loan Process
    • Mortgage FAQ
    • Mortgage Glossary
  • Apply
  • Free Rate Quote
  • Send Secure Documents
  • Blog
  • Contact

Case-Shiller: Home Price Growth Rate Increases in July

October 1, 2020 by Joe Gonzalez

Case-Shiller: Home Price Growth Rate Increases in JulyHome price growth fueled by high demand for single-family homes was higher in July according to Case-Shiller’s National Home Price Index. Analysts said that millennials seeking to purchase homes and the continued exodus from large urban areas propelled rising home prices. Home prices grew fastest in the West and Southeastern regions.

While home prices grew moderately before the pandemic, high unemployment has not impeded rapid home price growth since the pandemic. Low mortgage rates and more demand for homes overcame consumers’ concerns about jobs and the economy. Analysts said that rapidly rising home prices could benefit homeowners struggling with mortgage payments as additional equity could provide more cash for relocation.

20-City Home Price Index: Three Top Cities in July

Home prices rose at the fastest pace in Phoenix  Arizona at 9.20 percent year-over-year. Seattle, Washington reported a home-price growth rate of 7.00 percent; Charlotte, North Carolina reported year-over-year home price growth of 6.00 percent. In July.

The COVID-19 pandemic caused many workers to switch from commuting to their jobs to working from home. Home-buyers also looked for homes in less-populated areas. 16 of 19 cities reported in July’s 20-City Home Price Index reported a faster pace of home price growth than in June. Detroit, Michigan did not report home prices for the July 20-City Home Price Index.

Homeowner migration from congested cities to suburbs was confirmed by Robert Dietz, the Chief Economist at the National Association of Home Builders, who said: “…builders in other parts of the country have reported receiving calls from customers in high-density markets asking about relocating.” Building single-family homes in all price ranges would help ease the shortage of homes.

FHFA Reports Highest Home Price Growth Rate From May to July

The Federal Housing Finance Agency reported a record price growth rate of more than two percent for the two months between May 1 and June 30. FHFA reports data on homes owned or financed by Fannie Mae and Freddie Mac.

Joe Gonzalez

Filed Under: Financial Reports Tagged With: Case Shiller, COVID19, Home Price Increasing

Joe Gonzalez Headshot

Contact Joe


Senior Loan Officer
Call Phone (610) 355-8039
NMLS #126036

Connect with Me

How can I help?

  • This field is for validation purposes and should be left unchanged.

Browse articles by category

Archives

Quick Links

  • Accessibility Statement
  • Privacy Policy
  • Blog
  • Contact Us

Our Location


625 West Ridge Pike Building C Suite 100
Conshohocken, PA 19428
Joe Gonzalez Team - Cross Country Mortgage, Inc. NMLS 3029 | NMLS 1854092 | NMLS 126036

Return to top of page

Copyright © 2023 Joe Gonzalez Team. All rights reserved.   Log In