Laura Kusisto reported yesterday at The Wall Street Journal Online that, “Home prices continued to grow at a rapid pace in the first month of 2018, as a new tax law and rising mortgage rates made little dent in demand in the early weeks of the year.
“The S&P CoreLogic Case-Shiller National Home Price Index, which measures the price of a typical single-family home in major metropolitan areas across the country, rose 6.2% in January, down slightly from a 6.3% year-over-year increase reported in December.
“The 10-city index gained 6% over the year, unchanged from the prior month. The 20-city index gained 6.4%, up slightly from 6.3% the previous month.”
The Journal article noted, “Home prices are continuing to grow about twice as fast as incomes, despite a strengthening economy, which is making it difficult for millennials to break into the market and buy their first homes. Average hourly earning for private sector workers rose just 2.6% in the year ended in February, according to the Labor Department.
