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Growing jobs help boost home prices, Case-Shiller says

Growing jobs help boost home prices, Case-Shiller says

The median price of a new home sold last month, however, rose 4.8% year-over-year, to $337,200.

Seattle has held the title of the nation's hottest housing market for 18 months and counting, as continued population growth powered by the region's tech boom and few available homes keep prices soaring. Over that time, the price increases averaged 6 percent per year. "Realtor.com listing prices in March were up 16 percent in Seattle, 11 percent in Las Vegas, and 6 percent in San Francisco, suggesting that high prices will continue to be the norm this spring", she said. "Year-over-year prices measured by the National index have increased continuously for the past 70 months".

That's according to the latest S&P/Case-Shiller Home Prices Indices report, released Tuesday.

In February, only three major US cities showed greater year-over-year price increases out of 20 big markets tracked by the Case-Shiller report series: Seattle (up 10.1 percent from the previous February), Las Vegas (up 11.6 percent) and San Francisco (up 10.1 percent).

Across the country, prices were 0.4 percent higher in February and up 6.3 percent for the year.

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The number of homes for sale is a concern for some business leaders.

"More inventory is the one cure sure to take this edge off, and there are some faint signals in more recent data that a shift may be coming - inventory of existing homes has risen for the past three months, and construction activity is at its highest point in a decade", Gudell said.

In March, the volume of single-family re-sales was down 1.4 percent over the year in Sarasota-Manatee, although condo sales spiked 12.2 percent. But a lack of homes for sale is causing first-time buyers to hit a brick wall.

The inventory of starter homes is down 26.7 percent in the first quarter from a year earlier. "Increasing employment supports rising home price both nationally and locally". "In places like San Diego, we see those employment numbers that are really, really strong and equivalently large home price growth". The Seattle Times reports that home values have increased 85 percent since bottoming out in 2012.

"In San Francisco and Los Angeles, home price gains ranked much higher than would be expected from their employment increases, indicating that California home prices continue to rise faster than might be expected", Blitzer said.


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