The numbers: Home prices rocketed at a fast pace yet again in November, according to two separate indices released Tuesday, making it increasingly more difficult for buyers to navigate the housing market as many states began reopening businesses from shutdowns related to the coronavirus pandemic. Recent data suggest price appreciation should gain steam in the latter half of the year.

The S&P CoreLogic Case-Shiller 20-city price index posted a 9.1% year-over-year gain in November, up from 8% the previous month. On a monthly basis, the index increased 1.5% between October and November.

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As has been the case for much of this year, there has been a serious shortage of homes for sale as sellers have remained reluctant to put their properties on the market. But demand is still up — both because of record-low mortgage rates and shifting preferences toward the suburbs.

The combination of low supply and high demand has pushed prices higher, which could be making home buying unaffordable for a growing swath of Americans.

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Many of those hoping for a change of scenery want to move to cut costs. That was the top reason for about 44% of survey respondents. Other reasons included needing more space, 27%; wanting a home with different features, 27%; wanting to live in a different part of town, 12%; and renters who weren't fans of their landlords, 11%.

Those looking for new homes are overwhelmingly looking for amenities and features they might not have prioritized before the emergence of COVID-19. They're seeking out bigger yards, larger kitchens, and a dedicated office space to work remotely or where the kids can do their online schooling.

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Home-price growth began accelerating in July, a sign that the slowdown in home prices caused by the coronavirus pandemic may be reversing.

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The numbers: Sales of previously-owned homes in the U.S. rose 24.7% between June and July to a seasonally-adjusted annual rate of 5.86 million, the National Association of Realtors reported Friday.

It was the second consecutive month in which the monthly increase was the largest on record, according to the trade group. Compared with a year ago, sales were up 8.7% in July.

“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” Lawrence Yun, NAR’s chief economist, said in the report. “With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”

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The intrepid homeowners who sold their properties as the coronavirus pandemic ramped up in the U.S. this spring pocketed record-high profits.

Nationally, home sellers made a profit of about 36% on their sales in the second quarter of 2020, according to a recent report from real estate information firm ATTOM Data Solutions. That translated into a median $76,000 gain over what they originally paid for the property. It's also just over 14% more than what sellers made in the second quarter of the year.

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