The Case-Shiller Home Price Index, which measures appreciation in single-family homes, increased by 0.1% for the month of September, bringing annual appreciation to 3.2%.
The Federal Housing Finance Agency (FHFA) Home Price Index, which measures homes purchased with conforming mortgages, also rose in the month of September. This report went up 0.5%, bringing the annual appreciation rate to 4.6%!
Existing Home Sales measures the sale amounts of existing home dwellings across the nation. For the month of October, sales have increased from 5.36M to 5.46M. This change represents a 17-month high and shows that sales increased by 4.6% from this time last year. About 31% of these sales came from first-time homebuyers and about 80% of the total transactions used some type of financing. This is a very important gauge of the health of the housing market and is a good indicator of overall economic strength.
As homes across the nation continue to gain value, we are seeing that the demand and the appetite to get into the housing market is growing. With lower inventories and strong levels of demand, homes will continue to stay on this path and continue to be a wise investment for those buyers.
For those buyers looking to get in, yes, there are pockets of stronger or weaker appreciation levels across the US, so speaking with your trusted advisor is key to help you develop a plan that makes the most sense.
We Are Happy To Help” Call us at 855-LOANS-USA or visit us at AdvisorsMortgage.com
Sources:
http://bit.ly/2XQiOW9
http://bit.ly/37H9us3
http://bit.ly/2MJU6mf
By: Jon Iacono