Home prices in the United States surged 10.8 percent in 2020 – the largest annual increase on record, according to a report released Tuesday by the Federal Housing Finance Agency.
FHFA’s House Price index found:
- Prices were up 3.8 percent from the third quarter to fourth quarter of 2020.
- Prices increased 1.1 percent from November to December.
- Home prices have risen for 38 consecutive quarters – or since September 2011.
- Home prices increased in all 50 states and the District of Columbia in 2020.
“House prices nationwide recorded the largest annual and quarterly increase in the history of the FHFA HPI,” said Dr. Lynn Fisher, Deputy Director of FHFA’s Division of Research and Statistics. “Low mortgage rates, pent up demand from homebuyers, and a limited housing supply propelled every region of the country to experience faster growth in 2020 compared to a year ago despite the pandemic. In particular, house prices in western states and cities saw the highest rates of growth, where annual gains often rose above 10 percent.”