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Nationwide housing prices take record jump

Nationwide housing prices take record jump

U.S. housing prices rose 18 percent in July, the highest year-over-year increase since 1976, according to data released today.

That increase was fueled by low mortgage rates, low supply and a rebounding economy, according to Core Logic’s  Home Price Index Report for the seventh month of the year.

Expected increases in the supply of for-sale homes, as well as a slight drop in demand as prices get too high for some buyers, could slow home price gains in the next 12 months, the report states.

By next year, the single-family housing market is expected to be short by an estimated 4.3 million units, the report stated.

“Home price appreciation continues to escalate as millennials entering their prime home buying years, renters looking to escape skyrocketing rents and deep- pocketed investors drive demand,” said Frank Martell, CoreLogic’s  president and chief executive officer, in the statement. “On the supply side, it is also the result of chronic under building, especially of affordable stock. This lack of supply is unlikely to be resolved over the next 5 to 10 years without more aggressive incentives for builders to add new units.”

In the Inland Empire, single-family home prices rose 25 percent between July 2020 and July 2021, not counting distressed properties, CoreLogic reported.

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