The S&P CoreLogic Case-Shiller home price index jumped 6.2% in September, beating the 6.1% increase expected by economists polled by Reuters.
David Blitzer, S&P Dow Jones indexes managing director, said the index is rising “at the fastest annual rate since June 2014.”
Added Gino Blefari, president and CEO of Berkshire Hathaway HomeServices: “Home prices are rising across the country for many sound reasons. We have a healthy U.S. economy and an unemployment rate at its lowest level in nearly 17 years. With wages gradually rising and mortgage rates still near historic lows, people are feeling more confident and are looking to buy homes. A tight supply of homes has also contributed to home-price increases but we see a silver lining here. As home equity grows for existing homeowners, we believe more people will list their homes, which should bring greater balance to housing inventory and the market overall.”