WASHINGTON (AP) - U.S. home prices climbed a robust 6.2 percent from a year ago, amid strong demand from would-be buyers and a shrinking supply of properties for sale.
Standard & Poor's is reporting that its SP CoreLogic Case-Shiller national home price index stood a solid 6 percent in October above its previous 2006 peak. Prices are climbing at more than double the pace of wage growth, creating some affordability pressures that have been offset by relatively low mortgage rates.
The strongest annual gains occurred in Seattle, where prices have shot up 12.7 percent since October 2015. Las Vegas has seen prices increase 10.2 percent, while San Diego notched growth of 8.1 percent. Of the 20 metro areas tracked by the index, Washington, DC reported the smallest price gain with 3.1 percent.
(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- US home prices surged 6.2 percent from a year ago
- Official: Bombing suspect came to US 7 years ago
- US home prices leapt in September by the most in 3 years
- 20 years ago, the U.S. won its first Olympic luge medal
- Price Chopper home delivery now available in Utica
- US home sales climb 5.6 percent in November to 11-year high
- Gas prices expected to rise
- Comets late surge not enough in loss to Laval Rocket
- Number of craft alcohol producers surges in New York
- Amazon boosts monthly Prime membership fees by 20 percent