CaseShiller Home Price Growth Near AllTime High In August

Dated: 11/01/2017

Views: 20

Case-Shiller: Home Price Growth Near All-Time High in August

Case-Shiller’s National Home Price Index rose to a year-over-year home price increase of 6.10 percent as compared to July’s reading of 5.90 percent. The 20-City Home Price Index rose to a year-over-year reading of 5.90 percent over July’s reading of 5.80 percent.

Home Prices Nearing Their Peak? 

Some cities that previously had high home price increases saw lower paces of growth. San Francisco, California, which reported double-digit home price growth rates in recent years, reported -0.10 percent growth rate month-to-month and a year-over-year home price growth rate of 6.10 percent. Home prices grew at a faster rate in nine cities as compared to year-over-year home price growth rates reported for July 2016 to July 2017.

David M. Blitzer, Operating Manager and Chairman of the S&P Index Committee said, “Price increases appear to be unstoppable, but rapid increases can’t continue forever. Measures of affordability are beginning to slide, indicating that the pool of buyers is shrinking.”

Factors pressuring home buyers include slim supplies of homes for sale, high competition for homes and affordability as demand increases and supplies of homes for sale decrease First-time and moderate-income buyers face additional challenges including the ability to meet mortgage qualification requirements and increasing amounts required for down payments.

Role of NonResident Foreign Buyers Minimal

Non-resident foreign buyers who buy U.S. homes on speculation and leave them vacant may contribute to the high demand for homes as the homes they buy may sit vacant and are removed from the supply of available homes. Such speculative buyers typically pay cash for homes which can sideline mortgage-dependent buyers.

The National Association of Realtors reports that approximately two percent of pre-owned homes are sold to non-resident foreign buyers; this suggests that the impact of such buyers on demand for homes is currently minimal. 

For More Info Visit: http://www.bondstreetmortgage.com

Blog author image

Shawn Chaconas

Having the right real estate agent means having an agent who is committed to helping you buy or sell your home with the highest level of expertise in your local market. This means also to help you in ....

Want to Advertise on this Site?

Latest Blog Posts

CaseShiller Home Price Growth Ticks Upward In November Reading

Case-Shiller Home Price Growth Ticks Upward in November Reading Home prices increased in November, with national home prices up 0.70 percent month-to-month and 6.20 percent higher year-over year.

Read More

The 4Step Financial Checkup To Get Ready For A Mortgage In 2018

The 4-Step Financial Checkup to Get Ready for a Mortgage in 2018 Are you ready to join the ranks of homeowners in our local community? Congratulations – homeownership is a big step towards

Read More

Whats Ahead For Mortgage Rates This Week February 5th 2018

What’s Ahead For Mortgage Rates This Week – February 5th, 2018 Last week’s economic releases included readings on pending home sales, Case-Shiller Home Price Indices and construction.

Read More

What Is Mortgage Insurance And How Does It Benefit Me Lets Take A Look

What Is Mortgage Insurance and How Does It Benefit Me? Let’s Take a Look Are you in the market for a new home? If you are considering a mortgage, you may be curious about mortgage insurance,

Read More