Home prices in the U.S. have increased by 6.2% compared to last year. Prices are rising at double the pace of the wage growth. One of the reasons that the prices have risen may be from less homes available on the market and an increase in demand for buying homes.
However, an increase in the building and construction of homes, which is projected for the upcoming new year, may effect the sales price of homes.
According to the S&P CoreLogic Case-Shiller, the west coast has some of the biggest increase in overall sale price in the more popular areas such as Seattle and San Diego.
According to CN, “Sales of existing homes in November reached their strongest pace since December 2006, according to the National Association of Realtors. But the sales growth hasn’t compelled more people to list their homes for sale, as the number of properties on the market has tumbled nearly 10 percent in the past 12 months.”