Home prices rose in May by the greatest margin in more than six years as the housing market recovery gains momentum. The S&P/ Case-Shiller index climbed 12.2 percent from May of 2012, marking the biggest twelve month gain since March of 2006.
Record low borrowing costs, short supply and an improving job market are boosting demand for residential homes and driving prices up. An economist stated, “We continue to look forward to upward momentum. We still have historically low inventory levels.”
The year-to-year gauge compares figures back to 2001, and provides a better indication of price trends. All twenty cities in the index showed an increase in year-to-year prices, led by gains of 24.5 percent in San Francisco and 23.3 percent in Las Vegas.
The median price of home sale rose 13.5 percent for the seventh consecutive month that property values have increased more than 10 percent year-to-year. The median selling price of a new home rose 7.4 percent in June from $232,600 to $249,700 from a year earlier.
If you are looking to purchase or sell real estate, feel free to contact Pulgini & Norton, LLP at (781) 843-2200 or (888) 344-2046, or email us with any questions you may have. Our attorneys offer nearly 40 years of combined legal experience and provide thorough, timely, and results-driven service in many aspects of both residential and commercial real estate.
Home Prices in U.S. Increased by Most Since 2006 in May, Bloomberg, July 30, 2013