Market Update: Home prices rise 4.9% since last year

This morning’s Case-Shiller Home Price Index for May reported that home prices rose 4.9 percent year-over-year, and rose 0.2 percent month-over-month in the 20-city index. Quicken Loans vice president Bill Banfield offers the following comments on the report:

The rise in home prices is presenting an opportunity to both buyers and sellers. The average home is increasing in value by almost $1,000 per month right now, suggesting sellers may get the sales prices they are looking for, and buyers could get a price now that won’t last much longer.

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