U.S. home prices climbed a robust 6.2 percent from a year ago, amid strong demand from would-be buyers and a shrinking supply of properties for sale.
Standard & Poor's said Tuesday that its S&P CoreLogic Case-Shiller national home price index stood in October a solid 6 percent above its previous 2006 peak. Prices are rising at more than double the pace of wage growth, creating some affordability pressures that have been offset by relatively low mortgage rates. Metro areas with booming job markets and the steepest home price gains could see more residents staying as renters.
"Since home prices are rising faster than wages, salaries, and inflation, some areas could see potential home buyers compelled to look at renting," said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.
The strongest annual gains occurred in Seattle, where prices have shot up 12.7 percent since October 2015. Las Vegas has seen prices increase 10.2 percent, while San Diego notched growth of 8.1 percent. Of the 20 metro areas tracked by the index, Washington, DC reported the smallest price gain with 3.1 percent.
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6 comments:
How's that working out for y'all still stuck in Da'Bury?
What makes you think we are stuck. Salisbury has been home for many citizens for many years. I don't call that stuck.
What.....having smaller monthly payments? Working out great.
I am in real estate and I do see a home shortage in Wicomico however you can not get new construction to appraise for what it cost to build a home. Go to Worcester and it gets better.
7:00 30 years of smaller payments and the property has little to no increase in value. So you paid 146K in interest and principal for a 50K house that is still worth 50K. Great investment strategy. You should write a book.
The market prospers in places that have highly skilled tech jobs and have forced out the poor and working class and have a semblance of cultural and civilized life.
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