Rise in Home Prices in 20 U.S. Cities Reflects Lean Inventory
This article is for subscribers only.
A larger-than-forecast increase in home prices in 20 U.S. cities in March underscores both steady demand and lean inventory, figures from S&P CoreLogic Case-Shiller showed Tuesday.
Mortgage rates at a six-month low, along with a strong job market and healthier finances, are giving prospective buyers more wherewithal to make purchases. In addition to rising demand, persistent inventory shortages in the previously owned property market are also contributing to price gains. At the same time, wage growth has been slower to pick up than property values, representing a potential headwind to even faster price gains.