U.S. home prices increased modestly in August, a trend that could make homebuying affordable for more Americans.
U.S. home prices increased modestly in August, a trend that could make home buying affordable for more Americans.
Slower price gains combined with low mortgage rates have helped the housing market revive this year after a slump in 2018. Steady hiring and an unemployment rate at a 50-year have also forced companies to offer higher pay, making it easier for more people to afford house payments. And the average rate on a 30-year mortgage was 3.75% last week, down sharply from 4.86% a year earlier.
As many once-hot Western markets cool off, cities in the Southeast are starting to see the nation's fastest price gains. Phoenix reported the biggest increase, with prices rising 6.3% from a year ago. But Charlotte saw the next highest gain, at 4.5%, followed by Tampa at 4.3% and Atlanta with 4%.
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