USA home prices surge to end year

USA home prices surge to end year

The 10-city index increased by 4.9% on the year, up from 4.4%h, and the 20-city index gained 5.6% year-over-year juxtaposed to a previous 5.2% increase.

The hottest markets in the country remain concentrated in the northwest, as many buyers priced out of the Silicon Valley area flee to secondary tech hubs. Seattle led the way, with a 10.8% year-over-year price increase in December, followed by Portland, with 10.0%, and Denver, with 8.9%.

But while home prices are increasing across the US, the speed of increase is not alarming.

There will still be concerns surrounding affordability, especially if there is a fresh increase in bond yields, and market nerves are liable to increase if there is any evidence of price increases accelerating over the next few months as fears surrounding a crash would be likely to increase. Inventory in December hit its lowest level since 1999, when the National Association of Realtors started tracking the data.

A pending home sale is one in which a contract was signed but not yet closed. He said that some people might naturally assume that prices are rising too quickly for a normal market and "could be heading for a fall", but he argued against that.

"Home prices are rising, but the speed is not alarming", Blitzer said. Annual growth has ranged from -4% to 7% about two thirds of the time since 1975.

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And while rising home prices can trigger concerns about inflation, Blitzer said that the speed at which they are now growing "is not alarming", citing low inventory as a factor for the rise.

"I think 5.4 percent is sustainable rate of appreciation", Goldman said, "in contrast to 10 to 12 percent per year".

USA home prices rose in December at the fastest pace in 11 months as prospective buyers bid against each other for a limited supply of available property.

The adjacent column chart illustrates the month-over-month change in the seasonally adjusted 20-city index, which tends to be the most closely watched of the Case-Shiller series. After seasonal adjustment, all 20 cities saw prices rise.

However, the bubble peak prices are actually lower than where we would have expected home prices to be at this point if they had just continued to rise at their pre-bubble average rate. While the Fed has begun to ratchet up rates, mortgage rates are still at historical lows, with a 30-year fixed rate mortgage hovering around 4.2%. In the past week they averaged 4.16%, Freddie Mac said last Thursday.