Home Prices Continue to Rise in the U.S.
Like the recently reported hikes in Atlanta's metro-area home prices, there are a few cities across the U.S. that are encountering a rapid rate of home price increases.
"The 20-city home-price index increased 6.4% year-over-year (the estimate was 6.2%), after rising 6.3% year-over-year," according to National Mortgage News.
"The national gauge of home prices rose 6.2% year-over-year. The seasonally adjusted 20-city index advanced 0.8% month-over-month (the estimate was 0.6%)."
The largest reported home price increases have come out of the Western U.S. That being said, we recently reported that Atlanta's metro area has reached home price increases that are out-pacing the rest of the nation.
Inventory issues are plaguing the entire housing industry leaving little room for first-time homebuyers or single folks looking to buy their first home.
"Higher property prices and mortgage rates near a four-year high, however, are putting a dent in affordability," according to NMN.
"New-home sales have declined for three straight months, according to government data released Friday, while first-time buyers of previously owned houses made up a smaller share of total purchases in February."
In addition to the inventory and economic factors, the report also revealed that the vacancy-rate for "owner-occupied housing" has fallen.
To learn more about the factors contributing to the 20-city home price index increase, click on the image above.
