Market Update: Home prices increase 5 percent year-over-year

This morning’s Case-Shiller Home Price Index for July reported that home prices increased 5% year-over-year, and rose 0.6% from the previous month in the 20-city index. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“Despite recent data pointing to slower sales, home prices continue to rise faster than incomes in many areas. Low inventory will continue to be a challenge for buyers looking for the right home and can cause those bidding to be more aggressive on the house they finally want to purchase.”

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