US Home Prices Rise in November; All-Time Highs in 4 Cities

abc news ^ | 1-26-2016 | JOSH BOAK, AP ECONOMICS WRITER

[Citizen Zed]

U.S. home prices increased at a faster clip in November, the gains fueled by solid hiring growth, historically low mortgage rates and a shortage of houses on the market.

The Standard & Poor's/Case-Shiller 20-city home price index rose 5.8 percent from a year ago, up from a 5.5 percent pace in October, according to a Tuesday report.

Home values nationwide have nearly recovered from their July 2006 peak, as the real estate market has slowly recovered from the housing bust that triggered the Great Recession. But several metro areas have fully rebounded from the downturn. Four metro areas -- Dallas, Denver, San Francisco and Portland Oregon -- have either matched or eclipsed their all-time highs. And Charlotte, North Carolina is less than 1 percent below its previous high.

Buyers crowded back into the housing market last year. Sales of existing homes rose 6.5 percent over the past year to 5.26 million, according to the National Association of Realtors. More Americans have been able to purchase homes as employers have added 2.7 million jobs and borrowing costs remain low. But the number of available listings has fallen 3.8 percent from a year ago, causing tight inventories that have fueled escalating prices.

The rising home values and limited selection could ultimately deter sales growth in 2016.

[Citizen Zed]

Mission Accomplished! /s

[sergeantdave]

“US Home Prices Rise in November;”

I don’t believe it, not nationwide. Could be true for select cities as mentioned in the article. More likely it’s propaganda to stampede people into buying now because realtors are hurting and need sales.

Looking for a house now. Lots of homes on the market, with a good number on the market for months. Dropping prices. Good deals available. Will probably wait for spring when the market will be swamped with homes for sale.