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Home Price Trends: What you Need to Know

Home Price Trends: What you Need to Know

The housing market is entering a very interesting stage. We’ve seen steady, year-over-year home price appreciation for more than six years straight. You would think this is good news, yet lenders have causes for concern. According to the latest numbers from the National Association of Realtors, home prices have risen 4.5 percent from one year ago. Las Vegas saw the biggest price increase with a 13 percent jump over last year, followed by Seattle and San Francisco with 12.8 percent and 10.7 percent gains, respectively. Meanwhile, the median price for an existing single-family home in July stood at $269,000, the highest median price on record. With only a few exceptions, it remains a fairly strong market. But this year, price gains began to slow. As interest rates begin to rise, transaction volume is slowing, which is placing extra pressure on lenders that are already dealing with increasing production costs. Below are three important lessons from the most recent housing figures, as well as some thoughts about how lenders can catch a break in a market that seems to be creating one challenge after another....

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