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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