20 U.S. Cities See Home Price Growth At A Sustainable Rate
Cities across the U.S. have been seeing unsteady numbers when it comes to home prices and home sales. A new report shows that 20 U.S. cities are actually able to keep up with home price growth.
"The 20-city property values index increased 6.6% year-over-year (the estimate was 6.8%), after rising 6.7% year-over-year," according to National Mortgage News.
"The national home-price gauge advanced 6.4% year-over-year. The seasonally adjusted 20-city index rose 0.2% month-over-month (the estimate was 0.4%), the smallest gain since July."
The cities that have been able to cope with the home price gains are seeing a high-demand for homes, increased labor markets and more affordable options when it comes to financing.
"At the same time, there's a persistent shortage of available and affordable listings, and borrowing costs have risen this year," according to NMN.
"Property-price appreciation that's outpacing wage growth also is a headwind for younger or first-time buyers, though a positive for homeowners’ equity."
In some cities home prices took a hit. The report particularly mentioned New York, San Francisco and Washington, all of which saw home prices fall.
To learn more about home price sustainability, click on the image above.
