Mar 30, 2021 - Economy
Home prices saw largest annual gain in nearly 15 years
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Home prices saw the biggest annual gain in close to 15 years this January, according to the Case-Shiller index.
The big picture: Phoenix, Seattle and San Diego saw the highest year-over-year home price gains.
Background:
- Little supply: There were just over 1 million homes for sale at the end of January — the fewest since 1982, the WSJ notes.
- Low (but rising) mortgage rates: The average 30-year mortgage rate hit a record low (2.67%) the week of Jan. 7.
Yes, but: Rates are currently at 3.17%, contributing to the slowdown in mortgage applications.
Bonus: Consumer confidence is the highest since the pandemic started last March, per new Conference Board data out today.
- Consumer "plans to purchase a home" are the highest since the survey's inception in 1967.
