South East Real Estate and Home issued the following announcement on Nov. 24.
The cost of buying a house rose sharply again in September and by one measure hit a six-year high, a Case-Shiller index showed, signaling that prospective buyers are unlikely to find better deals any time soon.
A measure of home prices in 20 large cities rose at a 6.6% yearly pace in October, according to the S&P CoreLogic Case-Shiller price index. That’s up from 5.3% in the prior month.
Wall Street economists had forecast a 5.4% increase.
A broader measure by Case-Shiller that covers the entire country showed a similarly large 7% increase in home prices over the past year, marking the fastest 12-month gain since 2014.
Home prices have actually risen faster during the worst pandemic in a century instead of getting cheaper. Rock-bottom mortgage rates and a flush of people leaving cities during the pandemic for more space in the suburbs and beyond has boosted demand at a time when the supply of home for sales is near a historic low.
Original source can be found here.
Source: South East Real Estate and Home
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