Springfield home prices grow slower than US average

Springfield home prices continue to grow, but at a slower pace than the U.S. and Missouri averages, according to real estate market tracker CoreLogic.

April prices — including distressed sales that factor in short sales and real-estate owned transactions — rose 3.6 percent compared with the same month in 2016. U.S. prices included distressed sales moved up 6.9 percent, and Missouri’s average increased 4.9 percent during the month, according to a news release.

"Mortgage rates in April dipped back to their lowest level since November of last year, spurring home-buying activity," said Frank Nothaft, chief economist for CoreLogic, in the release. "In some metro areas, there has been a bidding frenzy as multiple contracts are placed on a single home. This has led home-price growth to outpace rent gains.

“Nationally, home prices were up 6.9 percent over the last year, while rent growth for single-family rental homes recorded a 3 percent rise through April.”

In May, mortgage rates dropped to their lowest levels this year. The 30-year fixed-rate average decreased to 3.95 percent, according to The Washington Post.