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Rise in Home Prices in 20 U.S. Cities Reflects Lean Inventory

By Tony Seruga

A larger-than-forecast increase in home prices in 20 U.S. cities in March underscores both steady demand and lean inventory, figures from S&P CoreLogic Case-Shiller showed Tuesday.

Highlights of Home Price Report (March)

20-city property values index rose 5.9% from March 2016 (forecast 5.7%), matching February as biggest since July 2014
National price gauge climbed 5.8% in the 12 months through March
Seasonally adjusted 20-city index rose 0.9% from a month earlier (matching forecast)

Key Takeaway

Mortgage rates at a six-month low, along with a strong job market and healthier finances, are giving prospective buyers more wherewithal to make purchases. In addition to rising demand, persistent inventory shortages in the previously owned property market are also contributing to price gains. At the same time, wage growth has been slower to pick up than property values, representing a potential headwind to even faster price gains…

Rise in Home Prices in 20 U.S. Cities Reflects Lean Inventory

Categories : Finance, Real Estate

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