Feb 22, 2022 - Economy & Business

U.S. housing prices soared in 2021

Data: S&P Global; Chart: Will Chase/Axios

The U.S. housing market experienced its highest one-year increase in home prices in at least 34 years in 2021.

By the numbers: U.S. home prices soared 18.8% over 2020 levels, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released today.

  • Phoenix (32.5%), Tampa (29.4%) and Miami (27.3%) were the hottest markets in the country in December.

Yes, but: An insufficient supply of new homes has been a big reason for the price spike.

  • But homebuilding activity has surged, with the number of new housing units under construction soaring to the highest level in nearly 50 years, Matt Phillips writes in Axios Markets.
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