Jul
21

U.S. Home Prices Rose 5.6% in May From Year Earlier, FHFA Says

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U.S. home prices rose 5.6 percent in May from a year earlier as buyers competed for a scarcity of listings.

Prices climbed 0.2 percent on a seasonally adjusted basis from April, the Federal Housing Finance Agency said in a report Thursday from Washington. The average estimate of 18 economists was for a 0.4 percent gain, according to data compiled by Bloomberg.

The improving job market and low mortgage rates are fueling competition for housing and driving up values. The inventory of previously owned homes on the market at the end of May fell 5.7 percent from a year earlier, according to the National Association of Realtors…

U.S. Home Prices Rose 5.6% in May From Year Earlier, FHFA Says

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