Home prices rose nearly 20% in 2021, biggest increase in decades

By Zach Halaschak

Published February 22, 2022 4:15pm ET

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Home prices rose nearly 20% in 2021, biggest increase in decades — A "sale pending" sign is posted outside a single family home in a residential neighborhood, Wednesday, July 14, 2021, in Derry, N.H. Mortgage rates were mixed this week. The benchmark 30-year loan fell for the third straight week amid lingering concerns over the recent surge in inflation. Mortgage buyer Freddie Mac reports that the average for the 30-year home loan eased to 2.88% from 2.90% last week, down from its peak this year of 3.18% in April. | (Charles Krupa/AP)

Home prices rose by nearly 19% in 2021, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.

The 18.8% jump is the largest increase notched in the 34 years that the record has been kept. The cities that experienced the most price growth were Phoenix, Tampa, and Miami, which saw 32.5%, 29.4%, and 27.3% growth, respectively. The price growth coupled with rising mortgage rates has made it less affordable to buy homes.

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Housing Inflation Interest Rates Real Estate