US Home Prices Reach First Double-Digit Gains Since 2006

Covering 384 metropolitan areas, with supplemented data from the Federal Housing Finance Agency, the CoreLogic Case-Schiller Index for the first quarter of 2013 showed that US home prices rose 10.2%. Despite being the first double-digit gain since 2006, CoreLogic states that a home price bubble is not a concern because national home prices remain significantly below their peak levels.

As for annual home price projections, chief economist for CoreLogic Case-Shiller, Dr. David Stiff, stated, “Record levels of affordability, a slowly improving job market, and very small inventories of new and existing homes for sale will continue to drive U.S. home price appreciation during the summer.” Indeed, CoreLogic anticipates that home appreciation will rise by 6.5% from the first quarter of 2013 to the first quarter of 2014.

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