By Manuel Gutierrez, Consulting Economist to NKBA

Home prices gain another 1.9 percent for the month.

• Housing prices have increased by at least 1.1 percent for four consecutive months.
• Current annual gains easily exceed the 14.5 percent highest increase during the subprime era fifteen years ago.
• At 20.2 percent, house prices within the top 20 metro areas rise at a pace slightly faster than the national average.
• Phoenix and Tampa continue to lead the nation with the highest house price inflation, rising by 33 percent in the last year, while Miami, San Diego and Dallas are just behind at 30 percent.
• On the other end of the spectrum, Minneapolis and Washington, DC prices have risen just 12 percent over the last year, with New York and Chicago registering price gains of 13 percent.
• Along with record low supplies, gains are also being fueled by companies purchasing homes for investment purposes who do not have to meet financial requirements and are willing to pay higher prices.

“Housing prices have increased by over 1 percent in each of the last 4 months.”