The Pacific Northwest continues to realize the greatest year-over-year appreciation led by Seattle who has experienced the highest year-over-year gains for the last ten months and mortgage rates had a repeat performance This Week in Real Estate hitting their second-consecutive 2017 low. In Portland after seeing record breaking appreciation for almost 2 years, a slow down is beginning as Fall comes around. Homes are staying on the market longer and prices are increasing slower especially in the over $450,000 price range. Below are a few highlights from the last week of August that influence the real estate business:
* Case-Shiller National Home Price Index Rises Again to All-Time High. Home prices reached an all new high across the U.S. in June, according to the latest index released from S&P Dow Jones and CoreLogic. Nationally, home prices increased 5.8% from June 2016, up from May’s gain of 5.7%, to hit 192.6, an all new high. Seattle, Portland and Dallas reported the highest increases in June out of the nation’s top 20 cities with increases of 13.4%, 8.2% and 7.7% respectively. Seattle prices are rising 5.2 percentage points faster than Portland, the city with the next highest increase. Seattle has seen the highest year-over-year percentage gains for the last ten months.
* Freddie Mac: Mortgage Rates Hit Second-Consecutive 2017 Low. Mortgage rates hit an all-new 2017 low for the second-consecutive week, according to Freddie Mac’s weekly Primary Mortgage Market Survey. “The 10-year Treasury yield fell to a new 2017-low on Tuesday,” Freddie Mac Chief Economist Sean Becketti said. “In response, the 30-year mortgage rate dropped four basis points to 3.82%, reaching a new year-to-date low for the second consecutive week. However, recent releases of positive economic data could halt the downward trend of mortgage rates,” Becketti said.