Price appreciation picks up in emerging real estate markets | Bedford Hills Real Estate

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The release of the latest S&P/Case-Shiller Home Prices Indices turned out to be anticlimatic as rising mortgage rates spooked the market a bit, causing home price appreciation to subside a bit in key markets.
On the other hand, markets once considered ‘struggling’ saw their prices soar.
The June S&P Case-Shiller report, while still impressive, fell slightly showing a 12.1% gain in home prices year-over-year. That is still comparable to the 12.2% annual home price gain recorded in May — the largest gain recorded since March 2006.
“Case-Shiller put up some big numbers in June, but more current data shows the pace of monthly home value appreciation slowed in both June and July, likely as a result of mortgage rate increases,” said Zillow (Z) Chief Economist Dr. Stan Humphries. “We expect even the Case-Shiller index will begin to show this trend when its July data finally comes out in September, but it will be more muted since the index is looking at a three-month average.”
There are two main drivers in the housing industry right now: consumer demand and interest rates, said Quicken Loans chief economist Bob Walters. “Despite rising rates and higher home prices, consumers continue to buy. Today’s 7.1% increase in the second quarter suggests the housing market is improving, supporting the U.S. economic recovery,” he explained.
But what really stood out to some observers is how once outperforming cities are starting to see home prices subside.


Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Price appreciation picks up in emerging real estate markets | Bedford Hills Real Estate

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