Get free access to our world class MLS search tools, save your favorite listings, create saved searches & much more!

Home-price gains continue strong in January 2017 – report

Posted by Mastura Zaini-Roberts on Thursday, March 30th, 2017 at 4:19pm.

by Anna Sobrevinas   29 Mar 2017

Year-over-year, the index’s 10-city Composite saw a 5.1% annual increase, up from 4.8% from the month prior, and the 20-City Composite recorded an annual increase of 5.7%, up from 5.5% from the previous month.

Seattle ranked first in January with a year-over-year home price increase of 11.3%, followed by Portland with 9.7% and Denver with 9.2%.

"Housing and home prices continue on a generally positive upward trend," said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. "The recent action by the Federal Reserve raising the target for the Fed funds rate by a quarter percentage point is expected to add less than a quarter percentage point to mortgage rates in the near future. Given the market's current strength and the economy, the small increase in interest rates isn't expected to dampen home buying. If we see three or four additional increases this year, rising mortgage rates could become concern.

Month-over-month and prior to seasonal adjustment, the national index gained 0.2% in January, while the 10-City Composite increased by 0.3% and the 20-City Composite went up by 0.2% in the same month. After seasonal adjustment, the national index rose by 0.6%, while the two city composites increased by 0.9%.

"While prices vary month-to-month and across the country, the national price trend has been positive since the first quarter of 2012,” Blitzer added. “Tight supplies and rising prices may be deterring some people from trading up to a larger house, further aggravating supplies because fewer people are selling their homes. The prices also hurt affordability as higher prices and mortgage rates shrink the number of households that can afford to buy at current price levels. At some point, this process will force prices to level off and decline – however we don't appear to be there yet."

Mastura Roberts
(702) 919-5400
offers@greatlasvegashomes.com

Team Leader, The Tonnesen Team
Berkshire Hathaway HomeServices, Nevada
3185 St Rose Pkwy #100 Henderson, NV 89052

With over 30 years of experience helping families call Las Vegas "home!"



Related Blog Posts

Real Sellers Back in Las Vegas!

Just a quick update on the Las Vegas housing market inventory as of October 20th, 2012 - REAL SELLERS ARE BACK! For the past several months, the available inventory of single family homes in Las Vegas has hovered at right around the 4,000 mark, indicating that the supply is being snapped up as soon as it is listed. B...

Great North Las Vegas Home - 2321 Coral Mist

Check out this beautiful North Las Vegas home conveniently located near Aliante. Take a Virtual Tour  ...

Complimentary Open House!

7508 Bush Garden Ave,Las Vegas, NV 89129 5 beds 3 baths 2,896 sqft $410,000 Elevated patio overlooks 40-foot pool w/ Jacuzzi. Huge granite kitchen with 7 1/2-ft-long island and sep. breakfast area. Sep. dining rm. Formal living rm. Open concept family room off kitchen. Custom shutters. 3-car garage. Solar...

Lenders expected to ease credit standards

Lenders are concerned over general economic conditions, and they are easing their credit standards to cope with the anticipated slowdown in market demand. Fannie Mae said in an outlook report that more lenders expect to implement less stringent standards in the next three months for GSE eligible, non-GSE eligible...

Beware Homeowners - Judicial Foreclosures Come to Las Vegas!

Nevada has always been a non-judicial foreclosure state.  If a borrower was past due, all the mortgage holder had to do was produce copies of the appropriate documents and file foreclosure notices, and within approximately 5 months the foreclosure sale took place at the county steps. There was no right of redemption f...

Leave a Comment

Have a Question?

Contact Us

Follow Us