July’s Case-Shiller report showed a 7.1% gain in home prices in the first quarter of 2013, along with a 12.1% increase from June 2012 to June 2013. Bob Walters, Quicken Loans Chief Economist, made the following comments on the report.
There are two main drivers in the housing industry; consumer demand and interest rates. Despite rising rates and higher home prices, consumers continue to buy. Today’s 7.1% increase in the second quarter suggests the housing market is improving, supporting the U.S. economic recovery.
If you would like to talk to Bob about this topic or the current state of the housing market please contact us.