US Home Prices continue to climb - Wells Fargo

According to analysts from Wells Fargo, home prices show no signs o slowing down as the latest S&P CoreLogic Case-Shiller National Home Price Index showed for the month of June. 

Key Quotes: 

“The S&P CoreLogic Case-Shiller National Home Price Index rose 0.9 percent in June without seasonal adjustment and is now up 5.8 percent over the year, compared to a 5.7 percent year-to-year gain the prior month. Seattle, Portland and Dallas saw the largest year-to-year gains
and are driving much of the growth in the 20-city index.”

“The 10-city index is also lagging due to slower price appreciation in Washington, D.C., Chicago and New York. These three markets accounted for three of the four smallest yearly increases.

“Strong job and income growth is driving demand, while tight inventories are making it an ideal sellers’ market. Homes are selling incredibly quickly and starts remain well below previous norms, which is keeping inventories incredibly tight.”