Denver, Colorado continues to be the hot-spot for home appreciation in America. The city continues to attract home buyers, while home prices rose by 10.20 percent as of June according to the Case-Shiller 20-City Home Price Index. Denver was the only city included in the Case-Shiller index that posted double-digit year-over-year growth in June.
San Francisco, California came in second, posting a 9.50 percent year-over-year gain in home prices and Dallas, Texas rounds out the top three cities posting a year-over-year home price growth with a reading of 8.20 percent.
Denver, Colorado home prices have been impacted in part by the city’s rapidly expanding economy and a dwindling supply of homes for sale. According to the National Association of Realtors®, there is only a one month’s inventory of homes for sale in the city as compared to the national average of 4.8 month supply. Most real estate professional will tell you to have a balance supply and demand in housing a market needs a 6.0 month supply.
Cities experiencing the least year-over-year growth in home prices according to the 20-City Home Price Index were Chicago, Illinois with a year-over-year growth rate of 1.40 percent, Washington D.C. with a year-over-year reading of 1.60 percent in home price growth and New York City, New York with a reading of 2.80 percent growth in home prices year-over-year.
The 20-City Index indicated national home prices grew by five percent year-over-year in June, with a month-to-month increase of one percent from May to June. When comparing increases in home prices and wage increases America has a serious issue problem. Wages are increasing on average at about 2.0 percent, while home pricing are over twice that rate making home affordability harder to achieve. Other recent studies have shown that nowhere in America can a minimum wage earner locate an affordable one or two bedroom home or apartment as rents skyrocket; truly adding to the disgrace of America being known as the country who is creating an ever larger a class of working homeless.
After years of economic turn down, Detroit, Michigan led month-over-month home price growth with a May to June reading of 1.80 percent. Cleveland, Ohio and Portland Oregon posted month-to-month gains of 1.50 percent followed by Atlanta, Georgia and Denver Colorado; each city posted month-to-month home price gains of 1.30 percent.
Housing prices rose 1.2 percent in the second quarter, compared to the previous month, according to the Federal Housing Finance Agency (FHFA). The FHFA’s report on U.S. home prices is based on sales price information from mortgages sold to or guaranteed by Fannie.
Home price growth in the second quarter once again far exceeded the pace of overall inflation and wage growth. Home prices rose in every state from the second quarter of 2015 to this year’s second quarter. Colorado had the highest rate of growth at 10.6 percent, followed by Nevada, Florida, Hawaii and Washington.
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A SIMPLE HOME SHOPPING INSPECTION TOOL
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