Housing Prices are on the Rise for Detroit
It’s a good year to be a property owner in the Detroit Metro area!
According to the S&P CoreLogic Case-Shiller home price index, national housing prices are on the rise again. The index, which measures the value of residential real estate in 20 different urban areas across the US, indicated a 6.2 percent annual gain. When compared to the estimated 6.1 percent, it showed a continuation of the year’s momentum.
The index reviewed residential housing prices in Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington, D.C.
“Most economic indicators suggest that home prices can see further gains,” S&P Dow Jones indexes managing director David Blitzer said. “The index is rising at the fastest annual rate since June 2014.”
The previous reported month, August of 2017, also showed gains with a 5.9 percent increase. The increase from August to September is impressive to analysts on its own. According to reports, this was the fastest annual rate increase since 2014.
When looking at seasonal adjustments, the index shows another exciting factor regarding national housing prices. According to the S&P CoreLogic Case-Shiller home price index, 13 of the 20 cities reviewed showed impressive price increases for the end of the reporting year, which closed in September of 2017.
While Detroit made a notable increase in its own, Las Vegas, and San Diego reported the highest year-over-year gains among the cities included on the list.
Studies show that the price increases are due to several factors, including low inventory of available houses and mortgage interest rates.
“The price data have been showing solid gains pretty consistently in recent years while the housing activity data have been more mixed; over the past month or so, we have seen fairly widespread strength across much of the housing data,” wrote JPMorgan’s Daniel Silver in a research note published earlier this month.
News & Image Source: https://www.cnbc.com/2017/11/28/september-case-shiller-home-price-index.html