Home prices in the United States increased by a multi-decade record rate in 2021 due to the COVID-19 pandemic and resulting change in housing location preferences, according to a recent report published by S&P Dow Jones Indices (S&P DJI). The National Composite Index, which measures home price gain, increased by a record 18.8 percent in calendar year 2021, said the Feb. 22 report (pdf). This is the highest such increase the index has seen in 34 years, with the previous high being the 10.4 percent gain in 2020. The 10-city composite index went up by 17 percent for the year while the 20-city composite index surged by 18.6 percent. This was the highest increase ever for the 20-city composite and the second-highest for the 10-city composite. Home prices have been rising at a “very high but decelerating rate” for the past months, said Craig J. Lazzara, Managing Director at S&P …