S & P Case-Shiller Home Price Indices reported the fastest pace of U.S home price growth in seven years. National home prices grew by 10.40 percent year-over-year in December as compared to November’s reading of 9.50 percent home price growth on a year-over-year basis. The S&P Case-Shiller 20-City Home Price Index reported home price growth in 18 of 20 cities included in the index. Detroit, Michigan did not report home price data for December. Phoenix, Arizona held the top position in the 20-City Index for the 19th consecutive month with year-over-year home price growth averaging 14.40 percent. Home prices in Seattle, Washington home prices held second place with … [Read more...]
What’s Ahead For Mortgage Rates This Week – October 5, 2020
Last week’s economic news included readings from Case-Shiller Home Price Indices, along with Commerce Department readings on public and private-sector job growth and the University of Michigan’s Consumer Sentiment Index. Weekly reports on jobless claims and mortgage rates were also released. Case-Shiller: Home Price Growth Ramps Up as Demand for Homes Increases July home prices rose at a year-over-year rate of 4.80 percent in July as compared to June’s reading of 4.40 percent. Shortages of available homes were driven by demand. Homebuyers were looking for larger homes to accommodate working from home and also wanted to leave congested urban areas. Home prices in … [Read more...]
Case-Shiller: Home Price Growth Grinds to Lowest Rate in 2 Years
Home prices rose by 0.40 percent in October according to Case-Shiller's 20-City Home Price Index and were unchanged from September's year-over-year reading of 5.50 percent growth. Slower growth in home prices could help some would-be home buyers enter the market, but rapidly rising mortgage rates have sidelined buyers concerned with affordability and meeting strict mortgage lending requirements. High Mortgage Rates Stifle Demand for Homes October's year-over-year reading for home price growth was the lowest in two years, but home price growth continued to exceed wage increases; builders continued to face labor shortages and higher materials costs. Rising mortgage rates were a major cause of … [Read more...]
Newest Home Pricing Data Shows Homes Becoming More Attainable Across The Country
Case-Shiller's 20-city home price index for September reported the lowest pace of year-over-year home price growth in almost two years. Lower home prices balanced housing markets between sellers and buyers, but home prices continued to grow approximately two times faster than wage growth. Case-Shiller's 20 city home price index for September posted a home price growth rate of 5.20 percent as compared to August's year-over-year growth rate of 5.70 percent. While analysts expected slower rates of home price growth, they weren't expecting the steep declines seen in September's report. David Blitzer, Chairman and CEO of the S&P Dow Jones Indices Committee, said "Home prices plus data on … [Read more...]
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