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Home Prices Rising At Fastest Pace In More Than 2 Years

U.S. home prices jumped in January from a year earlier at the fastest pace in nearly 2 ½ years, as a tight supply of houses for sale spurred bidding wars in many cities.
·  The Standard & Poor's 20-city home price index, increased 5.7 percent in January, the most since July 2014.

·  The Federal Reserve implemented its third rate hike in two years on March 15, but economists at S&P Dow Jones Indices say higher rates won't slow sales until later this year.

·  The biggest price gains were in Seattle, Portland, Dallas and Denver, which have topped the other cities in the index for months.
Bleu Realty is a full-service Residential and Commercial brokerage serving the DFW area.  Bleu Reality is:

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Robin Jorgensen, Realtor®
Mark Fleming, chief economist at First American, said "Low mortgage rates and economic growth set against a low inventory of homes for sale will drive a strong sellers' market and cause further rising prices this spring.”

David Blitzer, chairman of the S&P Dow Jones Index Committee, said that the Fed's most recent increase won't push up mortgage rates very much and shouldn't affect sales.

·  Average 30-year mortgage rates typically track the yield on the 10-year Treasury note.

That yield is usually driven by several factors, including broader economic conditions and investor demand for safe assets. Still, should the Fed raise rates three or four more times this year, "rising mortgage rates could become a concern," Blitzer said.

There were just 1.75 million homes listed for sale in February, 6.4 percent lower than a year ago, near the lowest level since the National Association of Realtors began tracking the data in 1999.
-Associated Press
April, 2017

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