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Home prices rose 18.8% in 2021 – the biggest increase in 34 years

US home prices saw their biggest increase in at least 34 years in 2021, according to data released Tuesday, as buyers spent the year snapping up homes and builders struggled to keep up.

Home prices surged 18.8 percent last year, according to the S&P CoreLogic Case-Shiller US National Home Price index, the biggest jump since its creation and much more than the 10.4 percent jump seen in 2020.

Fueled by remote work and booming regional economies, mass migration to the South, Southwest and Mountain West drove some of the sharpest increases in home prices, as demand outstripped supply.  

The increase in home prices was most severe in Phoenix, where they rose 32.5 percent. In Tampa, the jump was 29.4 percent, and in Miami 27.3 percent. 

There was also strong price appreciation in San Diego,…

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