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Lean Inventory Fueling Home-Price Gains in 20 U.S. Cities

By Tony Seruga

Steady price gains in 20 U.S. cities in May indicate that a tight supply of properties paired with increased demand is boosting home values, according to figures from S&P CoreLogic Case-Shiller on Tuesday.

HIGHLIGHTS OF HOME PRICES (MAY)
20-city property values index increased 5.7% y/y (est. 5.8%) National price gauge advanced 5.6% y/y Seasonally adjusted 20-city index rose 0.1% m/m (est. 0.3%)

Key Takeaways

An shortage of listings is still behind the rapid appreciation of home prices, particularly in high-demand areas such as Portland, Oregon, and Seattle, where values have surpassed pre-recession peaks. Housing demand is supported by a solid labor market, steadily rising wages and low mortgage rates. While lofty asking prices are making it difficult for some Americans to become homeowners for the first time, they’re encouraging owners of more expensive properties to put their houses up for sale, as trade-up demand remains solid…

Lean Inventory Fueling Home-Price Gains in 20 U.S. Cities

Categories : Real Estate

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