Home Prices Climbed 12.4 Percent in July

Handing Over the Keys to A New Home with Sold Home For Sale Sign.
Alamy
By ALEX VEIGA

U.S. home prices jumped 12.4 percent in July from a year earlier, reflecting a housing market that's increasingly favoring sellers amid a tight supply of available homes for sale.

Real estate data provider CoreLogic said Tuesday that home prices in every state but Delaware climbed on annual basis in July. Also, 99 of the 100 largest cities reported annual price gains. Home prices grew 27 percent in Nevada, to lead all states.
CoreLogic also says prices rose 1.8 percent from June, the 17th straight month-over-month increase.

Consistent job gains and mortgage rates that are still historically low despite recent upticks are spurring more people to buy homes. That's helped drive prices higher. CoreLogic says U.S. home prices are now within 18 percent of their peak levels reached in April of 2006.

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Kathleen

Articles like this only get people worried. This can lead to mistakes and errors in judgment when house hunting. Anyone wanting to buy a house, now or later, needs to make sure they can actually afford to pay all their other bills, not just a mortgage. Set a price that will allow that. Not what a bank or broker says you "can qualify for." This means do not buy more house than you can pay for while still paying all your other financial obligations (food, utilities, taxes, insurance, etc.) You need to educate yourself because brokers and agents make their money by selling not teaching! A good start I found is an amazon ebook called "stuff I told my kids about how to buy your first house." It is less that $3.00 and free to borrow for prime members. I did get this for my son to read before he sees anything with a real estate agent.

September 04 2013 at 1:20 PM Report abuse rate up rate down Reply
Kathleen

Articles like this only get people worried. This can lead to mistakes and errors in judgment when looking to buy a house. For anyone wanting to buy a house, now or later, You must make sure you can actually afford to "live" after you have paid your monthly mortgage payment. Set a price that you are comfortable with, not what the bank, broker or agent says you "can qualify for." This means do not buy more house than you can pay for and still pay your other financial obligations (food, utilities, insurance, taxes, etc.). You must educate yourself when thinking about one of the biggest purchases of your life! Try an amazon ebook "stuff I told my kids about how to buy your first house." Less than 3 dollars and free to borrow for prime members. I got this for my son to get some basic info BEFORE he sees anything with a real estate agent.

September 04 2013 at 1:11 PM Report abuse rate up rate down Reply