Home Prices Jump 0.9%

U.S. home prices continue to increase, jumping 0.9% last month and 12.4% from August 2012. Distressed sales and short sales have also increased 11.2% from last year according to CoreLogic. Although home prices have increased, they are still considered below average. Additionally, mortgage rates have also increased but still remain relatively low. Housing market experts suggest the housing market and prices will continue to grow. More here

Rental Prices Increase For Many Tenants

As home prices increased this summer, so did rent for many tenants according to recent data. Home-buying costs this summer helped increase apartment demand giving many landlords the opportunity to increase rental prices. In the third quarter of 2013, the average monthly rent increased by 1% for the second quarter, averaging approximately $1,073. Rental prices have jumped 3% from this time last year. Additionally, apartment vacancy fell 0.1% in the U.S. More here

Improved Mortgage Rates May Elevate Housing Affordability

Mortgage rates have quickly dropped, helping the housing market gain some fresh momentum. The average 30-year fixed-rate mortgage has increased approximately 1% since the beginning of May 2013, but recently rates have improved. Last week 30-year fixed rate mortgages fell to the lowest rate since July, averaging 4.32%. Chief economist for Freddie Mac, Frank Nothaft said, “these low rates should somewhat offset the house price gains seen the last number of months and keep housing affordability elevated.” More here