FHFA Reports Stronger Housing Price Increase in June, May Draw More Sellers to Market
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Homebuilders are on the move again today following new data from the Federal Housing Finance Agency (FHFA) on U.S. home prices today.
According to the agency, housing prices rose 0.7 sequentially and are up 7.7 year-to-date in June. The month-over-month increase outpaced expectations calling for just a 0.6 percent increase.
Those higher prices are bringing more sellers to market, offsetting some of the tight supply that has been seen in recent months. The inventory of unsold homes in the U.S. was at a seasonally-adjusted 5 months in June, from 4.7 months in January.
Some see price gains slowing from an expected 8 percent this year, down to 4 percent in 2014 as mortgage rates rise and supplies become full.
On Wednesday, the National Association of Realtors (NAR) said that existing home sales rose 6.5 percent in July, while median home prices rose 13.7 percent from last year.
Adding to yesterday's gains is the SPDR S&P Homebuilders (NYSE: XHB) ETF.
According to the agency, housing prices rose 0.7 sequentially and are up 7.7 year-to-date in June. The month-over-month increase outpaced expectations calling for just a 0.6 percent increase.
Those higher prices are bringing more sellers to market, offsetting some of the tight supply that has been seen in recent months. The inventory of unsold homes in the U.S. was at a seasonally-adjusted 5 months in June, from 4.7 months in January.
Some see price gains slowing from an expected 8 percent this year, down to 4 percent in 2014 as mortgage rates rise and supplies become full.
On Wednesday, the National Association of Realtors (NAR) said that existing home sales rose 6.5 percent in July, while median home prices rose 13.7 percent from last year.
Adding to yesterday's gains is the SPDR S&P Homebuilders (NYSE: XHB) ETF.
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