Home prices rise on lower rates, increased demand

Mortgage

Home prices were up 6.9% in April over the prior year, as lower mortgage rates during the month stimulated consumer demand to purchase a property, according to CoreLogic.

“Mortgage rates in April dipped back to their lowest level since November of last year, spurring home-buying activity,” said CoreLogic Chief Economist Frank Nothaft in a press release. “In some metro areas, there has been a bidding frenzy as multiple contracts are placed on a single home. This has led home-price growth to outpace rent gains.”

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