This past summer brought serious heat, especially in the housing market. But it didn’t stop there. We’re now seeing large year-over-year jumps. Analysts were already astounded by the increase in housing prices in April, but then May came around and took the lead.
Several U.S. cities saw their highest price jumps to date and even ended up bringing in the most year-over-year gains–the top 3 cities being Phoenix, San Diego and Seattle according to the Case-Shiller Report. Each city jumped over 23% in year-over-year gains.
Charlotte, Cleveland, Dallas, Denver and Seattle all reported having record-breaking home prices in May, after already reporting their highest in April. But this growth wasn’t just in select cities, growth is trending nationwide.
In an ever-changing market like this, having a strong home buying team is crucial. If you’re looking to get started on your journey, head to the Find a Loan Officer tool and search for a qualified Loan Officer in your area.