Covid-induced demand from homebuyers over the summer caused an exceptionally strong spike in home prices.
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 buyers were eagerly seeking homes with more space for working and schooling at home due to the coronavirus.