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.