Denver, San Francisco Post Biggest Home Price Gains
Home prices rose 4.9% in May, according to the latest S&P/Case-Shiller index released this morning. The improvement was just slightly slower than April's 4.9% jump and spoke to increased purchasing power following labor market gains. Still, homeowners remain skittish about putting their houses on the market, which has led to a relatively small supply and steep price jumps in several metropolitan markets. Denver logged a 10% price hike in May, followed by San Francisco at 9.7% and Dallas at 8.4%. Washington DC, at 1.3% growth, saw the skimpiest bump. The Fed's expected interest rate hike later this year is also playing a hand in energetic buyer activity. A report last week showed existing home sales at their highest level in eight years.