Market Update: Home Prices Continue to Rise in October

This morning’s Case-Shiller Home Price Index for October reported that home prices rose 5.5 percent year-over-year, and rose 0.8 percent month-over-month in the 20-city index. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“The combination of a tight supply and strong demand for housing has pushed prices increasingly higher. At some point, more sellers are going to be willing to list their homes and the increased supply will be welcomed by first time home buyers looking for the goldilocks home – fitting their budget and lifestyle.”

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