US Home Prices At Record High
US Home prices topped a new high in May for the 6th month in a row. The Standard & Poor’s Core Logic national home price index went up 5.6% in May from their latest report. We have officially passed the peak from July 2006 by 3.2%.
Seattle. Portland and San Francisco are accountable for much of the increase as there are more rental properties than single family occupancy. The national average is 64% of owner-occupied homes – San Fran is at 36%, Seattle is at 46% and Portland is at 52%, far below the national average.
For now, it’s still a seller’s market – home are selling within 60 days and many areas are seeing multiple offers. Quite the change from 10 years ago…