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US Home Prices Surged More Than 18 Percent in October

Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
US Home Prices Surged More Than 18 Percent in October

US Home Prices Surged More Than 18 Percent in October

US Home Prices Surged , More Than 18 Percent in October.

The S&P CoreLogic Case-Shiller 20-city home price index was released on Dec.

28.

It revealed an average increase of 18.4 percent in home prices for October this year.

Phoenix, AZ, had the steepest increase in home prices, with an uptick of 32.3 percent.

Tampa and Miami followed Phoenix with 28.1 and 25.7 percent increases, respectively.

.

Minneapolis and Chicago experienced the smallest increase with an uptick of 11.5 percent for each city.

Economists had been expecting an increase in line with what the S&P data revealed.

While analysts believe the increase likely is reflective of hopes for a receding COVID-19 pandemic.

They also stated that the reasons behind the significant increase are complex.

We have previously suggested that the strength in the U.S. housing market is being driven in part by a change in locational preferences as households react to the COVID pandemic.

, Craig Lazzara, S&P Dow Jones Indices, via CNBC.

It is also unclear if these increases are long-term or reflective of a boom in the housing market.

More data will be required to understand whether this demand surge represents an acceleration of purchases that would have occurred over the next several years.., Craig Lazzara, S&P Dow Jones Indices, via CNBC.

... or reflects a more permanent secular change, Craig Lazzara, S&P Dow Jones Indices, via CNBC.

Mortgage rates continue to slide downward, .

Perhaps as a reflection of increased uncertainty over Omicron and other COVID-19 variants


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Biden Admin Opens Up Another Round of Free At-Home COVID Tests Delivered by USPS [Video]

Biden Admin Opens Up Another Round of Free At-Home COVID Tests Delivered by USPS

Biden Admin Opens Up Another Round , of Free At-Home COVID Tests , Delivered by USPS. The White House announced the new round of available tests on May 17. The Biden administration has made up to 16 free at-home COVID tests available to American households. The Biden administration has made up to 16 free at-home COVID tests available to American households. Providing the tests makes good on one of President Joe Biden's pledges during the initial Omicron wave in the U.S. The tests have been approved by the U.S. Food and Drug Administration (FDA) and deliver results in 15 minutes. The process of ordering them has been simplified, and the tests arrive in the mail via USPS. To date, nearly 350 million of the at-home COVID tests have been ordered and delivered. COVID cases have risen dramatically in recent weeks. On May 16, more than 95,000 new cases of COVID were reported in the U.S. COVID hospitalizations have also risen by 26 percent in the past two weeks. The tests have become an important resource in early detection of the virus. Going to a large gathering? , Dr. Ashish K. Jha, White House COVID Response Coordinator, via 'The New York Times'. Use rapid tests to not be the person who brings COVID to the party, Dr. Ashish K. Jha, White House COVID Response Coordinator, via 'The New York Times'. Visiting a vulnerable relative? , Dr. Ashish K. Jha, White House COVID Response Coordinator, via 'The New York Times'. Use rapids tests to keep them safe, Dr. Ashish K. Jha, White House COVID Response Coordinator, via 'The New York Times'. Those who wish to order the at-home tests should visit covidtests.gov

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