Sammamish - Rare Renaissance Ridge Updated Home Available!
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By Diana Olick | CNBC.com
For six straight months, home prices have been leaping in double digits from a year ago. In May, the median existing home sale price was 15.4 percent higher nationally than May of 2012, according to a new report from the National Association of Realtors.
The Realtors themselves say that kind of jump is "unsustainable."
"Some of the increases can be explained by the fact that it is recovering from an over-corrected situation," said Lawrence Yun, chief economist for the Realtors. "But with people's income rising at only 1 or 2 percent and prices rising in double digits, it cannot continue."
Part of the steep rise in the median home price can be attributed to a change in the mix of homes that are selling. Sales of homes…
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Daily Real Estate News | Friday, June 28, 2013 ÂThe 30-year fixed-rate mortgage took a large jump this week, rising from 3.93 percent last week to 4.46 percent this week -- its largest weekly rise since 1987, Freddie Mac reports in its weekly mortgage market survey.Â
Fixed-rate mortgages soared with bond yields amid the Fed’s recent remarks on June 19 that it might soon reduce its bond purchase program, which has helped to keep mortgage rates at historical lows. The Fed plans to moderate its purchases of bonds later this year and end purchases altogether by the middle of 2014.Â
"Higher mortgage rates may dampen some housing market activity but the effect will be muted by the high level of buyer…
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