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Spring Buying Season Shifts, Home Prices Rocket Higher

Posted To: MND NewsWire

The impact of low interest rates and pent up buyer demand played out in sharply increasing home prices in August. Both the Federal Housing Finance Agency (FHFA) and S&P CoreLogic Case-Shiller indices posted significant appreciation on an annual basis and acceleration in that appreciation compared to prior months. CoreLogic Deputy Chief Economist Selma Hepp commented, “The forgone spring home-buying season appears to have fully shifted into summer months, leading to sales volumes that are picking up speed at a time when they would normally show signs of slowing. Additional demand was amplified by buyers looking for larger homes and second homes in resort and beach areas. Current home price growth is exceptionally strong given that the U.S. is an economic recession, but it is the historically…(read more)

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