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Tag Archives: Affordability

Rising Real Home Prices Impacted by Inventory

First American’s Real House Price Index (RHPI) for February 2017 showed home prices remaining strong. The low inventory has meant that home prices have remained high. Additionally, the RHPI noted that rising wages have offset the impact of rising home prices and mortgage rates on affordability. Wages have grown by 2.8 percent in February.

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Inventory, Affordability Problems Can’t Keep Buyers Away

Home sales should remain strong as the year goes on, even despite rising mortgage rates, tight inventory, and declining affordability. Potential existing-home sales rose 0.6 percent over the year and 83 percent over their all-time high. Wage growth, strong employment, and an uptick in building permits will encourage sales further.

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Affordability, Buying Power Drop as Prices Rise

With real house prices on the rise and inventory low, spring is poised to be a seller’s market, according to First American. Real home prices rose more than 8 percent over the year, with Jacksonville, Florida, seeing the most growth annually. According to First American Chief Economist Mark Fleming, “on a year-over-year basis, real house prices increase in all the metropolitan areas tracked . . .”

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