U.S. home prices rose 0.3% month over month in May on a seasonally adjusted basis, the fastest monthly growth since January, according to a new report from Redfin. Prices increased 2.5% from a year earlier, the fastest year-over-year growth in six months. The gains reflect deals that went under contract in April, when a brief decline in mortgage rates boosted homebuying demand. Among the 29 major metros where prices rose month over month, Cleveland led with a 2.5% increase, followed by Providence and New York at 1.8% each. Prices fell in 19 metros, with the largest drop in Riverside, California, at 1.9%.
Rocket Companies IncHome-price growth and rising demand for housing may increase mortgage origination volume, benefiting Rocket Companies.