Market Update: Home Prices continue to rise

This morning’s Case-Shiller Home Price Index for July reported that home prices rose 4.7 percent month-over-month in the 20-city index. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“Home prices have been appreciating at a healthy pace for quite some time, while sky-high rents continue to hurt affordability for those who are leasing. Renters could significantly lower their monthly payments and begin gaining equity with the purchase of a home, but saving for a down payment will remain a struggle for many with rents at these inflated levels.”  

If you would like to speak to Bill about this or any other topic, please contact us.