Todd Grey

Equity Smart Home Loans

Looking For Something?

  • Home
  • Blog
  • 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
  • Apply
    • Short Application
  • Reviews
    • Read my Reviews
    • Leave a Review
  • Contact

March 30, 2022 by Todd Grey

Case-Shiller Home Price Indices: Home Prices Grow at a Near-Record Pace

Case-Shiller Home Price Indices: Home Prices Grow at a Near-Record PaceU.S home prices grew at a near-record pace in January according to the National S&P Case-Shiller Home Price Index; year-over-year home prices rose by 19.20 percent in January as compared to December’s reading of 18.90 percent. Home prices rose 1.80 percent on a month-to-month basis from December to January.

While home prices continued to grow at near-record rates, home price growth slowed in some areas during  December but picked up in January. Craig M. Lazzara, managing director at S&P Dow Jones Indices, said: “Last fall we observed that home prices, although continuing to rise sharply, had begun to decelerate. Even that modest deceleration was on pause in January.”

The top three cities for home price growth held their places in January. Phoenix, Arizona had the highest pace of home price growth with a year-over-year gain of 32.60 percent; Tampa, Florida reported a year-over-year gain of 30.80 percent. Miami, Florida held third place with a year-over-year home price growth rate 0f 28.10 percent.

All 20 cities tracked by Case-Shiller reported record gains in year-over-year home prices while 16 of 20 cities included in the 20-City Index reported higher home price gains in January than in December.

FHFA House Price Report Shows Strong Growth

The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, reported that home prices rose by 18.20 percent year-over-year in January. December’s year-over-year growth pace was 17.70 percent for homes owned by Fannie Mae and Freddie Mac.  Home prices rose fastest in the Mountain region, which includes Arizona, Colorado, Idaho, Montana, Nevada, New Mexico Utah, and Wyoming. Year-over-year home prices rose by 23 percent or more in the Mountain region.

Will Doerner, a supervisory economist at FHFA, said: “So far, the mortgage rate growth has not dampened upward price pressure from intense buyer demand and limited supply.” Low inventories of available homes continue to drive demand for homes, but some economists expect the pace of home sales to drop by as much as 25 percent in response to rising mortgage rates. Analysts expect that low inventories of available homes will sustain rising home prices. Homebuyers can expect to compete for available homes as buyers rush to lock in lower mortgage rates; cash buyers and bidding wars can cause home prices to rise above market value in high-demand markets.

Filed Under: Financial Reports Tagged With: Case Shiller, Finance, Home Value

  • 1
  • 2
  • 3
  • …
  • 6
  • Next Page »

Contact Todd

Equity Smart Home Loans
Mortgage Loan Officer
tgrey@equitysmartloans.com
Call (818) 435-6560
NMLS #1594405

Follow Me on Social Media!

How can I help?

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

Categories

Archives

Recent Posts

  • The Top Reasons To Downsize When You Retire
  • The Top Tips To Remember When Moving
  • Call in the Pros: 4 Ways That Using a Mortgage Professional Will Save You a Lot of Money
  • The Type of Home You Want to Buy Determines Your Closing Cost and Here’s Why
nmlsconsumeraccess.org
Equity Smart Home Loans NMLS ID: 856170
CA Bur of Real Estate - Real Estate Broker - DRE#01906808

Equal Housing Lender

Location


1499 Huntington Dr Ste 500
South Pasadena, CA 91030

Copyright © 2022 · Generate Pro on Genesis Framework · WordPress · Log in