Prices of U.S. homes have reached a record high according to S&P/Case Shiller. Prices on single-family homes have risen up by an average of 5.5% in the last month alone and 5.1% the month prior. Home prices in multiple western located cities have risen to a new all-time high, and in other locations like Miami and Las Vegas have risen, but not to their all-time highs.
There may be tough times ahead for the buyer with a low industry supply and a high demand. With such a low supply, potential first-time homeowners have had to rent longer than expected or wanted. Mortgage interest rates have also been on the rise in the recent past. Since Trump was elected president, mortgage interest rates have risen from 3.3% to over 4.0% on 30-year mortgages. It will be interesting to see how housing purchasing and selling trends pan out going into 2017.
You can read the full article here.
You can read more about the Case-Shiller housing index here.
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