Home price growth sizzles in May
Source: Market Watch
Home prices remained hot in May, bolstering owners’ equity but locking many would-be buyers out of the market.Nationally, prices rose 6.6 percent compared to a year ago, according to a home price index released by CoreLogic. Prices rose 1.2 percent from April to May.
CoreLogic also noted that the cost of rent is growing much faster than inflation – and wages. Overall single-family rents rose 3.1 percent for the year in May, while rental costs in the affordable single-family rental segment of the market, which includes properties with rents less than 75 percent of the regional median, grew by 4.7 percent.