Home price index sees greatest gain in over 2 years

Phoenix leads the way, gaining for the 15th consecutive month above all other metros

The S&P CoreLogic Case-Shiller index of home prices in 19* U.S. cities rose 5.7% in August from a year ago, the greatest year-over-year gain since 2018, driven unsurprisingly by tightened supply amid record-low interest rates.

The August increase was larger than the 4.8% advance the month prior, and the largest annual gain since July 2018, when rates sat closer to 4.52%.

“By some measures, home prices are rising at a faster pace than they ever have – an incredible feat considering the market is rising from an already elevated level. The supply of for-sale homes, already extremely tight, has only become more constrained in recent months, and historically low mortgage rates continue to encourage many buyers to enter the market,” said Matthew Speakman, economist at Zillow.

According to Speakman… Click Here to Continue Reading