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Lean Inventory Drives Home-Price Gain in 20 U.S. Cities

By Tony Seruga

Steady growth in home prices in 20 U.S. cities in June reflects a limited number of available houses for sale, according to S&P CoreLogic Case-Shiller data released Tuesday. Nationwide, values posted their largest advance in three years.

HIGHLIGHTS OF HOME PRICES (JUNE)
20-city property values index increased 5.7% y/y (est. 5.6% gain) for a second month National home-price gauge rose 5.8% y/y, the most since June 2014 Seasonally adjusted 20-city index advanced 0.1% m/m (matching est.)

Key Takeaways

A persistent inventory shortage for previously-owned homes is keeping prices elevated at a time housing demand is being sustained by a strong job market and still-low mortgage rates. In the past few years, growth in property values has consistently outpaced wage gains and is holding back potential new entrants to the housing market…

Lean Inventory Drives Home-Price Gain in 20 U.S. Cities

Categories : Real Estate

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