While home prices are rising nationally, the West and South are leading the country with surging home values and limited inventory.
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, home price gains continue to rise to levels higher than we have been seen since November of 2007. The Index reported a 5.1 percent national gain, with several cities in the West enjoying double-digit gains.
“Home prices continued to rise across the country led by the west and the south,” according to David M. Blitzer, Chairman and Managing Director of the Index Committee. “Nationally, home prices have risen at a consistent 4.8 percent annual pace over the last two years without showing any signs of slowing. Overall, residential real estate and housing is in good shape.”
To add perspective, Quicken Loans vice president Bill Banfield remarked, “The strong home price growth in much of the country, and meteoric rise in the West, is led by a continued lack of homes available for sale. While homeowners welcome rising prices, it could begin to hinder new buyers if affordability comes into question – especially with home prices rising twice the speed of inflation in much of the country.”