US home prices up 7 per cent last year

There was a price rise of near 7 per cent for homes south of the border in 2016 according to the latest analysis from real estate firm Zillow.

Price gains were at the fastest pace in Portland at 13.8 per cent year-over-year with near-12 per cent gains for Tampa, Seattle and Dallas. Orlando and Detroit also saw price gains in double figures.

Tight supply continues to dominate US markets and slipped 4.6 per cent in December. The lack of available homes for buyers is set to drive prices higher for some time.

"Lack of inventory will remain a major concern for home buyers this year. Especially lack of available entry-level homes coupled with high demand will continue to rapidly drive up home values in the near future,” said Zillow Chief Economist Dr. Svenja Gudell.

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