Thursday, July 10, 2014

Home Prices Continue to Rise:

We have yet another positive housing report that shows continued growth in home prices.  Data provider CoreLogic says home prices increased 8.8% in May compared to a year earlier.  So, that means that the average homeowner enjoyed an 8.8% appreciation rate over the past 12 months.
On a month-to-month basis, prices rose 1.2 percent from April to May. But CoreLogic's monthly figures aren't adjusted for seasonal patterns, such as warmer weather, which can affect sales.
Prices increased the most in Western states, including Hawaii, California and Nevada.
Last week, we reported that Pending Home Sales shot up 6.1% and the continued gains in housing are helping more and more homeowners climb back into positive equity territory.  This new release supports pricing gains from other reports such as the Case-Shiller Home Price Index (+10.8% on a yearly basis) and the FHFA Home Price Index which showed a yearly gain of +6.6%.  Regardless of which reading is the most accurate, consumers are now starting to understand that the likelihood that they will loose money after purchasing their next home has diminished greatly.

No comments:

Post a Comment