FILE - In this Sept. 3, 2019 file photo a sign rests in front of a newly constructed home, in Westwood, Mass. U.S. home prices rose in April for the eighth straight month, even as sales have stumbled, a sign the coronavirus outbreak has had little impact on real estate values. The S&P CoreLogic Case-Shiller 20-city home price index climbed 4% in April, the largest gain since December 2018, up from 3.9% in March. (AP Photo/Steven Senne, File)

S&P CoreLogic Case-Shiller: US home prices rise 3.9% in July

September 29, 2020 - 9:02 am

WASHINGTON (AP) — U.S. home prices rose at a faster pace in July as the housing market continued to show strength in the midst of the coronavirus outbreak.

The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, rose 3.9% in July from a year earlier, up from a 3.5% annual gain in June.

The 20-city index excluded prices from the Detroit metropolitan area index because of delays related to pandemic at the recording office in Wayne County, which includes Detroit.

Phoenix (up 9.2%), Seattle (7%) and Charlotte, North Carolina (6%), reported the biggest year-over-year gains. Sixteen of the 19 cities saw prices rise at a faster pace than they did in June.

Helped by rock-bottom mortgage rates, the U.S. housing market has largely withstood the economic fallout from the COVID-19 outbreak.

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