US national home prices are up 6.07% YoY in August – the fastest rate since June 2014.
We note this data is for August – before the hurricanes.
Seattle (up 13.2 percent), Las Vegas (up 8.6 percent), and San Diego (up 7.8 percent) were the top three cities in terms of year-over-year price appreciation; all cities showed gains of at least 3 percent.
After seasonal adjustment, San Diego had the biggest month-over-month increase at 1 percent, while Atlanta was the only city to show a decline, at 0.2 percent.
Pushing home prices to a new record high…
“Home-price increases appear to be unstoppable,” David Blitzer, chairman of the S&P index committee, said in a statement.
At the same time, “measures of affordability are beginning to slide, indicating that the pool of buyers is shrinking,”
and the Fed’s interest-rate hikes are likely to push mortgage rates higher over time, “removing a key factor supporting rising home prices,” he said.
In fact, US homes have never been more unaffordable…
As every single city’s home prices are rising faster than earnings…