Market Update: Home Prices rise by more than 12% since May 2012

July’s Case-Shiller report showed a 1% gain in home prices from April to May 2013, along with a 12.2% increase from May 2012 to May 2013. Bill Banfield,Quicken Loans Director of Capital Markets, made the following comments on the report.

“Homebuyers remain in a tight market, with steady demand clashing with a lack of home inventory pushing home prices higher. As price gains continue in the months ahead, we will see more homeowners having the confidence to list their home with the increased equity that this report indicates.”

If you would like to talk to Quicken Loans leaders about this topic or the current state of the housing market please contact us.