The S&P CoreLogic Case-Shiller National Index shows that U.S. prices of single-family homes continue to rise. The national index level in May reached a new high and is up 5.6 percent from a year earlier. But what does this mean for homeowners?
Home prices affect the wealth of homeowners. As the price of housing increases, the wealth of homeowners increases as well. Based on the above increase of home prices, it is estimated that value of owners’ household real estate was increased by 1.2 trillion in the last year and 103 billion came from home price increases in May. That means that 75 million homeowners each gained $16,530 on average in May 2017 from a year earlier.
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.