Pub. 18 2021 Issue 2

Issue 2 • 2021 15 A CLOSER LOOK AT THE U.S. HOUSING MARKET By Mark Anderson, NMBA Legal and Legislative Assistant A t the end of June 2021, the S&P Case-Shiller National Home Price Index released its most recent numbers and the results caused analysts to employ words such as “shocking” and “extraordinary,” and to describe the U.S. housing market as being on “an absolute tear.” The reason: home prices rose 14.6% in April from year-ago levels, a slight uptick from already robust 13.3% in March. This is the fastest rate of n U.S. HOUSING MARKET continued on page 16 home price growth since data collection began in 1987, and a group of economists recently surveyed held a median estimate for a year-over-year jump of 14.7%. The numbers for individual cities are even more extreme, with Phoenix posting Case-Shiller’s most significant one-year