Home price growth sets new record


U.S. home prices tallied a 16.6-percent annual gain in May, continuing a 12-month streak of appreciations, according to the monthly S&P/Case-Shiller U.S. National Home Price Index released Tuesday

Home prices rose by 1.8 percent from 14.8 percent growth in April. Low interest rates and a nationwide inventory shortage are causing home prices to rise at lightning speed while setting an obstacle for buyers.

The S&P/Case-Shiller U.S. National Home Price Index is “a composite of single-family home price indices that is calculated every month; the indices for the nine U.S. Census divisions are calculated using estimates of the aggregate value of single-family housing stock for the time period in question.”