The pace of home sales in the U.S. has remained largely flat for the better part of 2019 but that hasn’t kept prices from continuing their upward journey. While the rate at which prices are climbing has slowed, single-family home prices nationwide remain at an all-time high. According to CoreLogic’s Home Price Index and HPI Forecast for June 2019, home prices in the U.S. are 3.4 percent higher than they were during the same month last year.
Prices also increased on a monthly basis, rising by 0.4 percent from May to June. CoreLogic predicts that the cost of a home will continue to rise as well. Experts anticipate another 5.2 percent increase over the next year.
Increases in home prices in the lower-end of the market are especially challenging for first-time buyers, however, mortgage rate near historic lows could help make monthly mortgage payments more affordable.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 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.