House prices broke records in May, rising by most in 30+ years.
Home prices continue to break records, as strong demand slams up against weak supply.
The 10-city composite annual increase was 16.4 percent in May from 14.5 percent in April, with Phoenix, San Diego and Seattle reporting the highest year-over-year gains. Phoenix led the way with a 25.9 percent year-over-year price increase, followed by San Diego with a 24.7 percent increase and Seattle with a 23.4 percent increase. Chicago, Cleveland and Minneapolis reported the lowest gains, although they were still in low double-digits.
Mortgage rates fell slightly to start May and held within a narrow range throughout the month. Rates have been so low for so long that even slight monthly moves higher have done nothing to take the heat out of home prices.
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