US home prices surged in August at near-record pace

WASHINGTON (AP) — U.S. home prices jumped in August by a near-record amount from a year earlier, as Americans eager to buy a home drove up prices on a dwindling number of properties.

The S&P CoreLogic Case-Shiller 20-city home price index soared 19.7% in August compared with a year ago, just below July’s 20% jump, which was the largest gain on records dating back to 2000. Home prices are now at all-time highs in all 20 cities in the index.

Home sales have been healthy for most of this year, spurred by an ongoing desire among many people for greater space to wait out the coronavirus pandemic.