S&P reported on Tuesday its Case-Shiller Home Price Index, which tracks home prices in 20 U.S. metropolitan areas, rose 9.1 percent y-o-y in October, following a revised 8.0 percent y-o-y jump in October (originally a 7.9 percent y-o-y surge). This was the biggest annual gain in house prices since June 2014.

Economists had expected a climb of 8.6 percent y-o-y.

Phoenix (+13.8 percent y-o-y), Seattle (+12.7 percent y-o-y) and San Diego (+12.3 percent y-o-y) recorded the highest y-o-y advances among the 19 cities (excluding Detroit) in November. All 19 cities reported greater price gains in the year ending November versus the year ending October.

Meanwhile, the S&P/Case-Shiller U.S. National Home Price Index, which measures all nine U.S. census divisions, surged 9.5 percent y-o-y in November, following 8.4 percent y-o-y jump in the previous month.

“The trend of accelerating home prices that began in June 2020 has now reached its sixth month with November’s emphatic report,” noted Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “As COVID-related restrictions began to grip the economy last spring, their effect on housing prices was unclear. Price growth decelerated in May and June before beginning a steady climb upward. November’s report continues that acceleration in a particularly impressive manner.”