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) 710-3330
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

March Upcoming Las Vegas Community Activities

Bark in the ParkMarch 8, 201410:00 AM - 3:00 PM Join The City of Henderson Parks and Recreation department as they celebrate the 11th anniversary of Bark in the Park. Bark in the Park activities will take place at one of Henderson’s newest parks, Cornerstone Park.  Expect five hours of fun for you and your pet.  B...

Get 3.5% Paid Toward Your Closing Costs!

If you have been thinking about buying a home in Las Vegas in the next five weeks, Fannie Mae might pay 3.5% of your closing costs! This spring, in an effort to move some of the foreclosure inventory in its portfolio quickly, Fannie Mae is offering a special closing cost incentive for owner/occupants who go to contract...

Priced To Sell: Everything You Need To Know About Choosing A Listing Price

5 Listing Price Considerations to Keep in Mind If you’re planning on selling your home or you’re thinking about buying a new home, the listing price is one of the most important factors for success in either case. For the buyer, the listing price matters because a buyer wants to get the best home a...

Truly Bad MLS Photos - How NOT to Sell a House

They say that a picture is worth a 1000 words – in real estate, that can be a good thing or a bad thing. Even keeping in mind that real estate agents are not professional photographers, over the years we have seen some real doozies posted on the Internet! Those are the ones that are certainly not going to sell the ho...

February sees uptick in pending home sales

Pending home sales spiked 5.5% month over month in February to their highest level in almost a year and the second-highest in almost a decade, according to the National Association of Realtors. NAR’s Pending Home Sales Index hit 112.3 in February, up from 106.4 in January. Year-over-year, February&rsqu...

Leave a Comment

Have a Question?

Contact Us

Follow Us