Home prices kept soaring in July, and they're still rising.

The FHFA’s home price index (HPI) went up 6.5% YOY, and 1% MOM in July, with annual gains across the census. They also revised their June numbers from 0.9% MOM to 1%.

“U.S. house prices posted a strong increase in July,” said Lynn Fisher, deputy director of the division of research and statistics at the FHFA. Fisher went on to say “between May and July 2020, national prices increased by over 2 percent, which represents the largest two-month price increase observed since the start of the index in 1991.”

Fisher notes the increase is due to low-interest rates and hiked housing demand, which was triggered by low housing inventory. The low supply, high demand has caused bidding wars across the nation; especially in areas like Boston and San Fran.

The HPI is “a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or re-financings on the same properties. This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975.”

If we were to sum it up for you, we’d tell you this: list your home with us, sell it in a seller’s market, and make some serious profit letting people battle over your property. It’s a Sellers Market, but buyers can rejoice in low interest rates, so long as they're ready to go to (bidding) war for the p(roperty)eople they love. 

Remember to contact us at Castles Unlimited with all of your real estate needs!