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 Julie Wright 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

How to Handle a Low House Appraisal and Not Lose Your Dream Home

It's disheartening when a house appraisal comes back lower than the purchase price you and the seller agreed on. Your loan will cover only the appraised value of the home, so having to cover tens of thousands of dollars more than you anticipated could throw a serious wrench in the plan. Here's w...

Home-price gains continue strong in January 2017 – report

by Anna Sobrevinas   29 Mar 2017 January marked 31 months of home price gains as it saw a 5.9% annual gain, compared with a 5.7% annual gain the month before, according to new data from S&P CoreLogic Case-Shiller. Year-over-year, the index’s 10-city Composite saw a 5.1% annual increa...

The "Magic" of Christmas Visits Las Vegas

The Magical Forest has become a cherished Las Vegas Christmas tradition. Originally it began as a small wine and cheese party that drew in passersby with its lovely Christmas lights, causing them to stop on their journey through the city and ask for a moment’s admittance. But the Magical Forest of today is a far cry...

Expect the ‘longest economic expansion’ since WWII, says economist

Don't hold your breath for a recession anytime soon, says Cushman & Wakefield's global chief economist BYAMBER TAUFEN Staff WriterJUN 15  Key Takeaways Kevin Thorpe, global chief economist at Cushman & Wakefield, thinks there's little cause to worry about a recession in the next couple of ye...

Rent to Own Homes In Vegas: Good Deal or Scam?

We get calls all the time from people who want to “rent to own” a home, and we usually tell them there is really no such thing. You could possibly do a lease purchase. That is where you actually sign a long term purchase contract then lease the home from the seller prior to closing. But these days there are very fe...

Leave a Comment

Have a Question?

Contact Us

Follow Us