Market Update: Home prices increase 5 percent year-over-year

  • September 27, 2016

This morning’s Case-Shiller Home Price Index for July reported that home prices increased 5% year-over-year, and rose 0.6% from the previous month in the 20-city index. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“Despite recent data pointing to slower sales, home prices continue to rise faster than incomes in many areas. Low inventory will continue to be a challenge for buyers looking for the right home and can cause those bidding to be more aggressive on the house they finally want to purchase.”

If you would like to speak to Bill about this or any other topic, please contact us.

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