WASHINGTON (AP) - U.S. home prices climbed a robust 6.2 percent from a year ago, amid strong demand from would-be buyers and a shrinking supply of properties for sale.
Standard & Poor's is reporting that its SP CoreLogic Case-Shiller national home price index stood a solid 6 percent in October above its previous 2006 peak. Prices are climbing at more than double the pace of wage growth, creating some affordability pressures that have been offset by relatively low mortgage rates.
The strongest annual gains occurred in Seattle, where prices have shot up 12.7 percent since October 2015. Las Vegas has seen prices increase 10.2 percent, while San Diego notched growth of 8.1 percent. Of the 20 metro areas tracked by the index, Washington, DC reported the smallest price gain with 3.1 percent.
(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- US Home Prices Surged 6.2 Percent From A Year Ago
- US economy surges to 4.1 percent growth rate in Q2
- Brazil remembers first airmail flight eighty years ago
- Oil prices slide after last week’s surge; will it make a difference at the pump?
- Flu shot only 36 percent effective, making bad year worse
- Illnesses from synthetic drugs surge again
- Arrests up 20 percent in Sullivan County
- Local man charged with child molesting after girl told her therapist about an incident that allegedly happened 10 years ago
- Doctors recommend HPV vaccine as rates increase to 80 percent
- Diabetes rates continue to rise, Vigo County over 14 percent