Unfortunately, when we take a look at the statistics coming from S&P CoreLogic Case-Shiller index, we can easily come to a conclusion how house prices in the US haven’t been rising slowly than now for almost 7 years!
The report was brought this March, and we are also able to see how the price home index is now higher for 2.7% than in 2018. Also, an annual gain went down for approximately 3%.
In previous years, the scale was probably higher because numerous people tried to buy their new beloved homes in so-called red-hot cities like San Francisco and Seattle. What happened with those now? It definitely seems like how people have cooled off when it comes to buying a house in these areas.
Yet, that is not the only reason we are able to see such statistics lately. For more than five years, home prices have increased so much. Countless people who weren’t able to afford themselves a home ‘at a new price’ needed to rent a house or buy an apartment.
And what happened with the 20-city price index? We can see easily and clearly how it fell when compared to 2018. In 2018, this index increased by almost 7%.
Let’s talk about those red-hot city prices for a while. We will talk about Seattle first. Home prices in that city have risen for a little bit more than 1.5%. In San Francisco, it was almost the same, with the result of 1.4%.
But, were there some big increases in other cities? Yes, there were. For example, in Las Vegas, we can clearly see how the increase was a little bit more than 8%, while in Pheonix it was 6%.
Nevertheless, if they want to make this situation better, everyone will need to think about these two problems we have thought about.