US home prices surge 18.4% in October

WASHINGTON (AP) — U.S. home prices surged again in October as the housing market continues to boom in the wake of last year’s coronavirus recession.

The S&P CoreLogic Case-Shiller 20-city home price index, out Tuesday, climbed 18.4% in October from a year earlier. The gain marked a slight deceleration from a 19.1% year-over-year increase in September but was about in line with what economists had been expecting. All 20 cities posted double-digit annual gains.

The hottest markets were Phoenix (up 32.3%), Tampa (28.1%) and Miami (25.7%). Minneapolis and Chicago posted the smallest increases, 11.5% each.

PHOTO INFO: A homes sale sign is shown in front of a new home construction site in Northbrook, Ill., Wednesday, June 23, 2021. 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. (AP Photo/Nam Y. Huh)

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