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Home Prices Continue to Rise Faster than Wages

house price increases housingwire creditU. S. house prices rose 2.1 percent between Feb. and March, including distressed sales, and 6.7 percent between March 2015 and March 2016, according to constructiondive. Wages for would-be first time homebuyers likely did not rise that much on the year, MHProNews knows, putting a home out of reach.

Reporting in its Home Price Index, CoreLogic also predicted home prices will increase 0.7 percent between March and April, and 5.3 percent between March 2016 and March 2017. That is a 12 percent jump from 2015 to 2017.

President and CEO of CoreLogic, Anand Nallathambi, said home prices have appreciated nearly 40 percent since bottoming out five years ago, with the West seeing the most appreciation.

Housing helped keep U.S. economic growth afloat in the first quarter of 2016 as residential investment recorded its strongest gain since the end of 2012,” CoreLogic Chief Economist Frank Nothaft said in a release. “Low interest rates and increased home building suggest that housing will continue to be a growth driver.”

Trulia reports starter-home inventory dropped 44 percent in the last five years, and that sector’s prices have increased 5.6 percent.

The National Association of Realtors (NAR) reports continuing price growth is hindering home construction, although some builders complain the regulatory burden is itself a barrier. The National Association of Home Builders (NAHB) testified recently before Congress that regulatory expenses can increase the cost of a house by 25 percent. ##

(Image credit: housingwire–house price increases)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

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