Finance Industry News Mortgage News

Report: consumer house-buying power is the highest it’s been since 1991

Photo by Vanessa Lee on Unsplash

HousingWire | Alcynna Lloyd

In June, consumer home-buying power increased by 12.2 percent from the previous year. 

In June, home prices fell 2.2%, declining 4.6% year over year, according to First American’s Real House Price Index.

According to First American’s data, unadjusted house prices sit 6.3% above the housing boom peak. Whereas consumer buying power ticked up 3.3% between May and June, increasing 12.2% year over year.

This means when consumer house-buying power is factored in, home prices are actually 41.3% below their 2006 peak and 18% below prices from January 2000.

Read the story here: First American says consumer house-buying power is highest its been in nearly two decades

Related posts

Diversify your business in 2023 with investor growth in the market

jlspr

Nation’s largest MLS will get even bigger this year

jlspr

Gloomy prediction for home buyers: Prices will continue to rise in 2023, despite a cooling housing market

jlspr