Market Update: Home Prices Continued to Rise in November

This morning’s Case-Shiller Home Price Index for November reported that home prices increased 5.6 percent year-over-year. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“The national Case Shiller index posted a new high in November thanks to the continued low home inventory. Enthusiastic buyers have pushed prices up, while torpedoing affordability – especially for first time buyers. This trend is likely to continue until home building and listing catches up with buyer demand.”

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