Home prices were up during September, according to the S&P/Case-Shiller Home Price Index, released Tuesday. For metro Phoenix the latest increase was a continuation of a long string of price increases.
Nationally, prices were up 4.9 percent during September, a slight increase from the 4.6 percent hike in August. All nine U.S. Census divisions recorded slightly higher year-over-year increases, according to the report.
Here in the Valley, prices were up 5.3 percent in September, the tenth consecutive increase in annual price gains. That’s the longest streak in the U.S.
With unemployment at 5 percent and hints of higher inflation, most analysts expect the Federal Reserve to hike interest rates for the first time since 2006. But even if that is the case, mortgage rates are not expected to go much above the current 4 percent rate for 30-year conventional loans.