If you’re concerned about rising property prices, then you’ll want to listen to the latest data from Nationwide released on Tuesday. The most popular lender in the U.S. says that the cost of buying a home continued to rise in September with year-over-year house price increases at the strongest they’ve been in four years.
Prices increased by 3.8 percent in September from the same time last year, according to Nationwide’s report, pushing the median asking price to $247,600 for a home in the Washington, D.C., area. Washington topped the list of the nine major metro areas where year-over-year house price increases were above 4 percent. Cincinnati experienced the lowest year-over-year price increase among the cities Nationwide tracked at 3.1 percent.
For those homebuyers who are trying to sell their home, the outlook remains good. Home prices increased by 3.7 percent in September from the same time last year in the Cincinnati area. Year-over-year annual increases were recorded in eight other major markets that Nationwide tracks. The list includes a trio of metro areas: Los Angeles, New York and Seattle.
The Bank of America Merrill Lynch figures released Tuesday show that home prices across the country are rising in a quicker pace than they did a year ago. Prices in September rose 6.1 percent compared to September 2018, according to the bank’s figures. The home price index rose faster than the S&P CoreLogic Case-Shiller Home Price Index, which rose 4.3 percent in September compared to September 2018. The two home price indexes were each up 1.4 percent in January year-over-year.
Surprisingly, the Mortgage Bankers Association also released data Tuesday that showed that loan applications to buy a home fell in May from April levels as both home prices and interest rates continue to climb.
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