US Home Prices Explode As The Housing Market Gains Momentum
Home prices are approaching record highs across the country as the demand for homes grows and outstrips supply, which is experiencing a lack of new inventory.
The S&P/Case-Shiller home-price index is only 4% below its 2006 peak, a huge jump from the 30% decline home prices experienced in 2012, the Wall Street Journal reports. And US new-home sales exploded in April—shooting up almost 17% from a month before and posting the strongest numbers in over eight years.
But don’t think the growth in home prices means the entire market is thriving—when examined more closely, the figures show an uneven recovery with a flourishing market on the luxury side in large US cities, with everything else far behind. [WSJ]