WASHINGTON: US home prices surged in April at the fastest speed since 2005 as potential buyers bid prices on available property supplies.
S & P Corelogic Case-Shiller The 20-city house price index, released on Tuesday, jumped nearly 15% in April from the previous year.
It rose from a 13.4% annual increase in March.
Many Americans have been looking for more living space since the pandemic kicked, looking for a larger house on the outskirts of the city than a small apartment or house in cities.
The increasing demand has caused historic run-up at home prices, which has also been triggered by a low mortgage rate.
Price profits have been very dramatic so home sales have begun to slow down because more buyers are given prices outside the market.
All 20 cities that formed the index reported a higher price increase from year to year in April than the previous month.
Five Charlotte cities, Cleveland, Dallas, Denver, and Seattle have the biggest 12-month price increase on records from 30 years.