People walk into a house for sale in Floral Park, Nassau County, New York, on Sept. 6, 2020.
Wang Ying | Xinhua News Agency | Getty Images
Covid-induced demand from homebuyers over the summer caused an exceptionally strong spike in home prices.
Values jumped 7% annually in September, up from a 5.8% annual gain in August, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. That is the largest annual gain since September 2014. Prices are now nearly 23% higher than their last peak in 2006.
The 10-City Composite was up 6.2% year over year, up from 4.9% in the previous month. The 20-City Composite posted a 6.6% gain, up from 5.3% in the previous month. There was no reading for Detroit, due to data collection issues resulting from the pandemic.
This index is a three-month running average, so it represents prices from July through September, when