The Case Shiller Home Price Index, the top standard for measuring home values, showed a 0.3% rise in home prices for May, hitting a new record high. Without seasonal adjustments, prices actually rose by 0.9% in May. Year-over-year, home prices increased by 5.9%.
Brian D. Luke from Case Shiller noted that while annual gains have slowed, recent performance is strong with a 4.1% increase so far this year, the fastest in two years. He highlighted the cost of waiting for better lending rates, as home prices keep rising.
The FHFA House Price Index, which excludes cash buyers and jumbo loans, reported flat home prices in May but a 5.7% increase year-over-year.
Both indices revised April’s data higher by 0.1%, showing stronger-than-expected appreciation. Despite higher mortgage rates and more homes on the market, home values continue to hit new highs, proving that housing remains a solid investment.
Waiting for lower rates could mean missing out on significant financial gains. Over the past 30 months, home prices have risen 17%, turning a $350,000 home into a $410,000 investment.
Sources :
https://bit.ly/4cdjaud
https://www.fhfa.gov/data/hpi
