Rising home prices raise concerns of overheating

Source:oakwoodhomebuildersdenver.com

Denver market’s gone ‘crazy’

By Laura Kusisto | The Wall Street Journal

The U.S. housing market’s red-hot recovery from the depths of the crash five years ago is fueling concerns among economists and real estate brokers that home prices are overheating.

A dearth of new construction and strong demand from buyers are pushing up prices twice as fast as the rate of income growth, the latest data show, a level economists said is unsustainable.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index released Tuesday showed that in February home prices rose 5.8% from the same month a year earlier. That put prices nearly 40% above their level at the bottom of the housing crash in February 2012.

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