News
Washington DC
The US property market continued to sizzle in May. The S&P CoreLogic Case-Shiller National Home Price index, which measures prices in major metropolitan areas, rose by 16.6% in the year to May, up from 14.8% the prior month, marking the highest annual rate of price growth since the index began in 1987. Buyers seeking more living space during the pandemic, and spurred on by record low interest rates, have “competed fiercely for a limited number of homes on the market”, says Nicole Friedman in The Wall Street Journal. “Many homes are getting multiple offers and selling above [the] asking price.” The median existing-home sale price in June rose by 23.4% from a year earlier to a record-high of $363,300, according to the National Association of Realtors. And while “the homebuying frenzy has slowed slightly this summer” as high prices have put off
