According to the S&P CoreLogic Case-Shiller Index, strong demand and a lack of supply pushed home prices up by about 8.4% in October, a new high and the quickest gain since 2014.
Over September, prices were up 1.4% -- the largest monthly increase since early 2013.
Case-Shiller's 10-city composite is up 7.5% year-to-year and the 20-city composite is up 7.9%.
"The surprising strength we noted in last month's report continued into October's home price data," Craig Lazzara, global head of index investment strategy at S&P Dow Jones, said in a statement.
Price increases were greatest in Phoenix (12.7%), Seattle (11.7%) and San Diego (11.6%).
"Phoenix's 12.7% increase led all cities for the 17th consecutive month," Lazzara said. "Since June, our monthly readings have shown accelerating growth in home prices, and October's results emphatically emphasize that trend."
The report said the economic climate of the COVID-19 era continues to encourage buyers to move from urban apartments to suburban homes.
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