Currently Reading

Top Three Metros With the Fastest Rising Home Prices

Single-Family Homes

Top Three Metros With the Fastest Rising Home Prices

January 27, 2021
Downtown Phoenix
Photo: SeanPavonePhoto

Recent indices released this week found home prices skyrocketed in November at a rate just under 10%. For the S&P CoreLogic Case-Shiller 20-city price index, which focuses on the largest 20 metros in the country, home prices rose by 9.1% year over year in November. Just from October, home prices increased by 1.5%. Looking at the nation as a whole, home prices were 9.5% higher than a year ago, says There are three metros that outpaced the national and 20-city averages: Phoenix, Seattle, and San Diego. Phoenix home prices increased by 13.8% compared to November 2019.

Phoenix experienced the largest price increase for the 18th consecutive month with a 13.8% increase, followed by Seattle (12.7%) and San Diego (12.3%).

Separately, the Federal Housing Finance Agency released its own monthly home price index for November. According to that report, home prices were up 1% from the previous month and 11% from November 2019. This is the sixth consecutive month in which home prices have risen, and annual gains are now outpacing the price growth seen during the last housing boom before the Great Recession, said Lynn Fisher, deputy direction of the division of research and statistics at the FHFA.

The big picture: While there may be evidence that demand among home buyers is waning from the heights reached this summer — as evidenced by lower mortgage application volumes — it still remains very strong. Plus, the supply of homes for sales is all but exhausted. The lack of inventory should continue to fuel home-price increases for foreseeable future, especially in popular markets such as Phoenix and Boise, Idaho.

Read More

Related Stories


New-Home Sizes Level Off, Pointing Toward Future of Larger Homes

Following years of steady decline, the size of new homes leveled off at 2,274 square feet in 2020. The National Association of Home Builders notes…

Building Materials

Lumber Prices Double Amid a 12% Decline in Housing Starts

As lumber prices doubled in price, the number of new single-family construction starts dropped dramatically from December numbers. According to…

Market Data + Trends

5 Housing Market Trends that Shaped 2020, According to Realtors

The National Association of Realtors’ Confidence Index Survey asks Realtors about the top housing market trends they are experiencing on the local…


More in Category


Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.