U.S. house prices rose 7.7 percent in the year through June, extending a recovery that’s spurring more homeowners to list their properties for sale.
After a roller-coaster decade of boom-bust-boom, the U.S. housing market is going downhill just when many economists thought annual sales would be heading up.
Guy Asaro, president of McMillin Homes LLC, bought three land parcels in Texas this year while coming up empty in the San Diego area, where the closely held builder is based.
Mortgage rates in the U.S. were little changed as homebuyers began adjusting to borrowing costs that have increased from near-record lows.
The U.S. home-vacancy rate, a measure of properties empty and for sale, fell to the lowest level since 2006 as demand for housing improved and lenders slowed property repossessions.
U.S. house prices rose 0.3 percent in August from July, the smallest gain in 11 months, as more homeowners listed their properties, according to the Federal Housing Finance Agency.
"The homeownership rate has not bottomed yet."
- Paul Diggle on Oct 28, 2014