Elgin Area Chamber Of Commerce: Home Prices Hit Record, Wall Street Extends Rebound

Elgin IL

09 December, 2021

2:32 AM

Description

Press release from the Elgin Area Chamber of Commerce: December 08, 2021 Home Prices Hit Record Monthly growth of home prices slowed in October but still hit a record annual growth rate. The CoreLogic Home Price Index increased 1.3% in October, a percentage point lower than the peak in April. Still, annual growth measured 18%, the highest in the index's 45-year history. "We expect home price growth to moderate over the near term as many buyers take a break for the holidays," Frank Martell, CoreLogic's president and CEO, said in a statement. Twin Falls, Idaho, recorded the highest year-over-year price increase with 35.8%. Naples, Florida, had the second highest with 33.5%. Wall Street Extends Rebound Technology stocks led the way up on Tuesday after investor worries over a spreading omicron coronavirus variant diminished. The tech-heavy Nasdaq composite led the major indices with a 3% surge. That came even as there was a widespread outage with Amazon Web Services that affected digital operations across the board, even causing problems at Amazon warehouses and delivery operations. The Dow Jones Industrial Average increased 1.4%, while the S&P 500 added 2.1% Last week, the markets took a drubbing on concerns over the omicron coronavirus that was spotted in South Africa appeared in the United States. It's now been discovered in some 19 U.S. states. While health officials said symptoms have been mild, the results of a small first study found that omicron could dodge the antibodies from vaccines but not completely. Source: www.CoStar.com This press release was produced by the Elgin Area Chamber of Commerce. The views expressed here are the author's own.