Market update: Home prices rise 5.4% year-over-year

This morning’s Case-Shiller Home Price Index for April reported that home prices rose 5.4% year-over-year in the 20-city index. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“Home price growth continues to be driven by an improving employment picture and historically low interest rates. There’s a lot of pent up demand out there, and we’ve been seeing the result of that play out in home prices the past year.”

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