Americans appear to be purchasing more homes as the Census Bureau’s U.S. homeownership rate has finally moved upward for the first time in two years in the third quarter of 2015, following a 48-year low hit the previous quarter.
The data shows the homeownership rate reached 63 point 7 percent in the third quarter, up 0 point 3 percentage points from the second quarter rate of 63 point 4, which was the lowest the rate has been since 1967. However, the quarterly report found the homeownership rate in this quarter still remains 0 point 7 percent below the third quarter 2014 rate of 64 point 4 percent.
Home prices continued to rise across the country in August 2015 as the economy improves and housing demand outweighs supply. The S&P Dow Jones Indices released its results of for the S&P Case-Shiller U.S. National Home Price Index Tuesday, showing that home prices experienced year-over-year gains of 4 point 7 percent in August compared to a 4 point 6 percent increase in July.