Economist's Insights

Home Prices Continue to Grow 5 to 6% YoY

May 24, 2017

The March FHFA home price index showed home prices up 0.6% MoM and 6.2% YoY.  Prices in the Pacific and Mountain States continued to grow at the strongest year-over-year pace while prices in the New York/New Jersey/Pennsylvania region have seen the weakest growth.  The overall pace of home price gains continues to trend between 5 and 6% according to the primary price reports.  Low inventory, decent demand, higher construction costs, and low mortgage rates continue to drive home price gains.