Elva Wormley

Mortgage Consultant • San Jose, CA

  • About
    • About Elva
    • Privacy Policy
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage Glossary
    • Mortgage FAQ
  • BestHomeLoanAdvice.com
  • Apply
  • Blog
  • Contact

Case-Shiller: August Home Prices Accelerate

October 28, 2015 by support

Case-Shiller August Home Prices AccelerateAccording to the Case-Shiller 20-City Home Price Index, U.S. home prices increased by 0.40 percent in August, which boosted year-over-year home price growth to 5.10 percent. Denver, Colorado continued to lead in home price gains with a monthly increase of 0.90 percent and a year-over-year gain of 10.70 percent. San Francisco, California also posted a year-over-year gain of 10.70 percent, but posted a month-to-month loss of -0.10 percent. Portland, Oregon posted a year-over-year gain of 9.40 percent with a month-to-month gain of 1.10 percent.

Cities with the slowest growing home prices year-over-year included New York City with a reading of 1.80 percent; Chicago, Illinois and Washington D.C. each posted year-over-year gains of 1.90 percent.

Majority of Cities Show Home Price Gains

Before seasonal adjustments, home prices were higher in 18 of 20 cities; after seasonal adjustments, 11 cities had higher home prices, four were unchanged and five cities had lower home prices. After adjustments for inflation, current home price growth approached rates seen in the housing boom of 2005and 2006, but current home price growth is driven by a slim supply of available homes rather than excessive demand seen during the housing boom.

The Federal Housing Finance Agency reported that home prices for sales of homes related to mortgages owned by Fannie Mae and Freddie Mac rose by 5.50 percent year over year.

New Home Sales Slump in September

Sales of new homes dropped by 11.50 percent in September; this was the lowest level since last November. The drop largely attributed to a steeper than usual drop in home sales in the Northeast, which accounted for 62 percent of slumping home prices. Over the past two years, the Northeast region accounted for 32 percent of declining home sales. Low inventories of available homes and rising home prices contributed to the slump in sales; home builders are working to close the gap between available homes and current demand. September’s supply of available homes increased to a 5.80 month supply from August’s reading of a 4.90 percent

Analysts said that September’s inventory of homes for sale reached its highest level in and a half years and also noted that homes under construction had achieved their highest volume in six and a half years. Although millennials are expected to boost home sales as they begin to start families, some analysts pointed out that the slump in sales coincided with indications that third quarter growth may be weaker than economic growth during the second quarter of 2015.

Spread the Love!

Filed Under: Market Outlook Tagged With: Case Shiller, Fannie Mae, Freddie Mac, The Federal Housing Finance Agency

Elva Wormley

Contact Elva

Mortgage Consultant

C2 Financial Corp Logo
elva@ewormley.com
NMLS #331981 • BRE #01274093

  Personalized Rate Quote →

Connect with Me!

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.

Today's Rates

This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker #01821025; NMLS #135622. Loan approval is not guaranteed and is subject to lender review of information.

Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender.

http://www.c2financialcorp.com
www.nmlsconsumeraccess.org

The services referred to herein are not available to persons located outside the state of California.
C2 Financial Corporation is approved to originate VA and FHA loans, and has the ability to broker such loans to VA and FHA approved lenders. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA.

The Latest Articles

  • 4 Important Reasons Why You Should Consider Buying A Green Home
  • Newest Home Pricing Data Shows Homes Becoming More Attainable Across The Country
  • Home Buying Power Remains In Motion Depsite Rising Mortgage Rates
  • NAHB Reports Lowest Builder Confidence Reading Since 2014
Equal Housing Lender

Browse Articles by Category

Our Location

1930 Camden Avenue, Suite 1B
San Jose, CA 95124

Copyright © 2021 · Powered by MySMARTblog