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Homes prices across America surged in December, typically the slowest month for the housing market.

Home prices rose 10.4 percent compared with a year earlier, according to the S&P CoreLogic Case-Shiller Home Price Index.

That is the strongest growth rate since 2014 and represents an acceleration of home price gains from November’s 9.

5 percent.

Phoenix, San Diego, and Seattle experienced the highest year-over-year gain. Phoenix home prices were up 14.4 percent. Seattle prices were up 13.6 percent. San Diego price rosse 13 percent.

The 10-city composite index rose 9.8 percent, which followed November’s 8.9 percent. The 20-city composite rose 10.1 percent, up from 9.2 percent.

“These data are consistent with the view that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This may indicate a secular shift in housing demand, or may simply represent an acceleration of moves that would have taken place over the next several years anyway,” said Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI.


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US spending on construction projects rises 1.7% in January

SILVER SPRING, Md. (AP) — Spending on U.S. construction projects rose 1.7% in January as new home building continues to lift the sector.

Last month’s increase followed small revised gains in December and November.

Spending on residential construction rose 2.5% in January, with single family home projects up 3%, the Commerce Department reported Monday.

Despite an economy that’s been battered for nearly a year because of the coronavirus pandemic, historically low interest rates and city dwellers seeking more space in the suburbs and beyond has boosted home sales. Last week, the Commerce Department reported that sales of new homes jumped 4.3% in January, and are 19.3% higher than they were last year at this time.

In a separate report, the government reported that applications for building permits, which typically signal activity ahead, spiked 10.4% in January.

Spending on government projects, which has been constrained by tight state and local budgets in the wake of the pandemic, rose 1.7%.

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