A measure of prices in 20 cities posted a 19.9% gain in July, up from 19.1% the previous month. Phoenix, San Diego, and Seattle reported the highest year-over-year gains, with 32.4%, 27.8%, and 25.5% increases, respectively. 

“The last several months have been extraordinary not only in the level of price gains but in the consistency of gains across the country,” said Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P DJI, in a statement.

 “July’s 19.7% price gain for the National Composite is the highest reading in more than 30 years of S&P CoreLogic Case-Shiller data,” Lazzara continued. “This month, New York joined Boston, Charlotte, Cleveland, Dallas, Denver, and Seattle in recording their all-time highest 12-month gains.”

S&P DJI believes these dramatic gains are due in part to the Covid-19 pandemic, which has fueled the demand for suburban homes. However, pre-existing gradual changes in location preferences and accelerated purchases at this time may also play a role in the shifting demand curve for housing.