Home prices increase 5% year over year in May

Home prices rose 5 percent in the 12 months ended in May, according to the Case-Shiller Home Price Index. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“Home price appreciation has been driven by both an improving economy and demand that outpaces supply. Looking ahead, Brexit’s effect on mortgage rates and strong job growth throughout the summer months should help sustain momentum in upcoming reports.”

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