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April home prices maintain upward track

Posted by The Aramco Group on Thu, Jun 9, 2016 @ 14:06 PM

The latest data being released for the month of April is showing that the housing market is on track to maintain it's five percent annual gain in home prices. Since 2013, this pace has been relatively steady – prices have increased five percent on a year-over-year basis.

"Low mortgage rates and a lean for-sale inventory have resulted in solid home-price growth in most markets," according to CoreLogic's chief economist Frank Nothaft. "An expected gradual rise in interest rates and more homes offered for sale are expected to moderate appreciation in the coming year."

San Diego's median home price increased 6.2 percent in April on a yearly basis – higher than the national average. The median home price climbed to $489,000 – just 5.4 percent off from the peak reached in November 2005.

A strong labor market and low interest rates are fueling demand for houses, a major driving force behind the increases. Today, conforming no-point 30-year fixed mortgage rates average 3.625 percent while the 15-year rate is near 2.875 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.