The S&P CoreLogic Case-Shiller Index, an economic indicator that measures the change in value of US single-family homes, jumped by 5.9% year-over-year, the third month in a row that the index has posted a new record, with annualized growth dropping slightly compared to April.
National Association of Realtors chief economist Lawrence Yun joins Wealth! to give insight into the Case-Shiller Index reading and what it means for investors and homebuyers.
He begins with the "good news" for potential home buyers, claiming, "The inventory are rising and quite measurably. Right now we have about 30% more choices, more inventory out in the marketplace now compared to one year ago. In some markets like Florida and Texas, they’re saying 50, 60, 70% increase from one year ago."
He does warn that the housing sector does not present a buyer’s market just yet, though there are "better conditions" for buyers today compared to one year ago.
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