Single-Family Home Prices Increase at Highest Rate Since ‘06

As the number of existing single-family homes for sale declines, prices continue to rise. Indeed, August home prices reflected the highest annual gain since 2006, increasing 12.8% from a year earlier. Las Vegas and San Francisco were leaders of the pack, with price gains of 29.2% and 25.4%, respectively. In Denver and Dallas, home prices surpassed pre-recession levels to historical highs.

Since income growth has not kept pace with home price increases, insurance and mortgage rates are on the rise, and home affordability has dropped to a five-year low.

Read more at Bloomberg