Home sale prices are on the rise, although the climb is a little slower than in June.
According to the S&P/Case-Shiller Index, which is based on tracking property values in 20 U.S.cities since March 2006,Las Vegas and San Francisco led the nation with year-over-year increases of 24.9% and 24.5%, respectively.
New York City had the smallest lift, at only 3.3%; however, the Big Apple’s housing prices are the highest in the country, so there’s not much room for upward mobility in the stats.
David Blitzer, Chairman of the S&P Index Committee, noted that housing prices are rising but the pace may be slowing. “With interest rates rising to almost 4.6%, home buyers may be discouraged and sharp increases may be dampened.”
According to a senior U.S.economist at Société Générale in New York, the housing market is in good shape although mortgage rates need to be monitored to see how they affect the market in future.
Climbing property values are boosting overall household wealth and consumer spending, yet rising mortgage rates are dampening sales and refinancing.