National Home Prices Edge Higher to Start 2017
|National home prices rose 0.6 percent in January, pushing the year-over-year gain to 5.9 percent. Home prices are being supported by steady gains in demand and the continued low level of homes for sale.
U.S. Home Prices Continue to Rise
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National home prices continue to edge higher as tight supplies and continued uptrend in home sales push prices higher. The S&P CoreLogic Case-Shiller National Home Price Index rose 5.9 percent over the past 12 months and the 20-City and 10-City indices are up 5.7 percent and 5.1 percent, respectively.
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On a regional basis, Seattle, Portland and Denver continue to see the strongest year-to-year price gains.
Prices Have Risen the Fastest in Larger Markets
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While only the national home price index has regained its prerecession level, the recovery has been driven by the rebound in the 20-City and 10-City indices, which both fell harder during the housing crisis and rose faster during the ensuing recovery.
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Much of the earlier price recovery was dominated by big global coastal markets. Price appreciation has moderated, however, as European and Latin American buying has diminished.
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