The most widely respected index for US home prices shows continued strength through the month of March 2017. The S&P CoreLogic Case-Schiller Indices released earlier today, shows home prices across the US are rising at the fastest pace in three years. The report analyzes 20 cities across the country to get an indication of the trend of home prices for both new and re-sale homes.
Seattle (12.3%), Portland (9.2%) and Dallas (8.6%) were the three markets with the highest increase in prices. Here is the report released today.
Analysts for the index originally published By Karl Case and Robert Schiller, note that low inventories continue to drive prices higher. This shortage of homes for sale is discouraging home sellers who want to move up or down size. Instead they are opting to stay in their homes longer. If inventory continues to remain low, it is likely that rising prices will eventually bring an end to the housing boom. But it is anyone’s guess when this will happen. How high can prices go?
The Index market closest to central Virginia is Washington DC where prices from March 2016 to March 2017 rose 4.2%. This was near the lower end of the spectrum for the 20 cities measured. For numbers on the central Virginia market check back here the second week of June when we will unveil local mls numbers.