The rate at which home prices are rising around the nation continue to shatter previous records. According to the latest S&P CoreLogic Case-Shiller National Home Price Index, home-price growth reached a new high in June as buyers continue to outnumber sellers in the U.S.
Home prices rose 18.6 percent nationwide in the year ended June, up from an annual rate of 16.8 percent the previous month. This is the highest annual rate of price increases since the index began tracking such movement in 1987.
San Diego once again posted the second-fastest growth in the U.S. at 27.1 percent. Phoenix continued to top the list for the 25th consecutive month at 29.3 percent.
The high demand from buyers competing over the limited selection of homes on the market is driving sales prices higher. House hunters are particularly motivated by mortgage rates continuing to hover just above historic lows.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.