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Dec. Home Prices Rise 2.9% Due to Low Rates, Low Inventory

S&P CoreLogic Circumstance-Shiller: Property finance loan fees stayed reduced and inventory declined in Dec., which sparked extra bidding wars and an acceleration in the rise of property selling prices.

WASHINGTON (AP) – U.S. property selling prices rose at a a lot quicker tempo in December as mortgage fees remained reduced and a falling provide of readily available properties established off bidding wars amongst prospective buyers.

The S&P CoreLogic Circumstance-Shiller 20-city property rate index climbed two.nine% in December from a calendar year previously soon after putting up a two.five% gain in November.

Prices rose in all 20 metropolitan areas, led by will increase of 6.five% in Phoenix, five.3% in Charlotte, North Carolina and five.two% in Tampa, Florida. Prices rose just one% in Chicago and New York.

Just one.42 million homes were on the current market at the conclude of January, down practically eleven% from a calendar year previously. The constrained provide pushes selling prices greater. The price for a benchmark thirty-calendar year, benchmark mortgage loan was 3.forty nine% very last week, down from 4.35% a calendar year previously.

Prices in the 20 metropolitan areas are up 63% from the reduced they reached in March 2012 in the wake of the economic crisis and 6% previously mentioned their July 2006 pre-crisis peak.

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