The Case-Shiller report showed a 7% increase in home prices annually in September – the highest rate in six years.
Bill Banfield, Rocket Mortgage Executive Vice President of Capital Markets, offers the following insight on the report:
“The continuous acceleration of home prices is a result of red-hot demand and inventory constraints that are broadly impacting housing markets across the country. Prices have reached the highest level in years but, in order to keep them within reach for buyers, listing volume needs to increase – whether that is through building new homes or by more existing homes hitting the market.”
If you would like to speak to Bill about this or any other topic, please contact us.