Dec. 29 (UPI) — Median dwelling costs in the US have risen at their quickest tempo in a number of years, new information confirmed Tuesday.

Based on the S&P CoreLogic Case-Shiller Index, robust demand and an absence of provide pushed dwelling costs up by about 8.4% in October, a brand new excessive and the quickest achieve since 2014.

Over September, costs have been up 1.4% — the most important month-to-month enhance since early 2013.

Case-Shiller’s 10-city composite is up 7.5% year-to-year and the 20-city composite is up 7.9%.

“The stunning energy we famous in final month’s report continued into October’s dwelling worth information,” Craig Lazzara, world head of index funding technique at S&P Dow Jones, mentioned in a press release.

Worth will increase have been best in Phoenix (12.7%), Seattle (11.7%) and San Diego (11.6%).

“Phoenix’s 12.7% enhance led all cities for the 17th consecutive month,” Lazzara mentioned. “Since June, our month-to-month readings have proven accelerating progress in dwelling costs, and October’s outcomes emphatically emphasize that development.”

The report mentioned the financial local weather of the COVID-19 period continues to encourage consumers to maneuver from city flats to suburban houses.