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Real House Prices Surge 11% Y-O-Y

SANTA ANA, CA—“The lack of homes listed for sale is causing unadjusted house price growth to remain strong,” says First American Financial's Mark Fleming.

By Paul Bubny | paulbubny | Updated on April 25, 2017

Photo of Mark Fleming Fleming notes that increasing interest rates are reducing consumer buying power.

SANTA ANA, CA—While single-family home prices in general are up by double-digit percentages on a year-over-year basis after adjustments for changes in consumer buying power, the surge is most pronounced in undersupplied markets, says First American Financial Corp. A case in point is Jacksonville, FL, which leads the nation with a 20.6% Y-O-Y increase in real house prices and which has a low supply of for-sale housing.

Commenting on the firm’s First American Real House Price Index for February, Mark Fleming, chief economist at First American, observes, “Real, purchasing-power adjusted house prices increased 11% in February compared to a year ago. The lack of homes listed for sale is causing unadjusted house price growth to remain strong.”

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