Home prices across the country are steadily increasing. A recent report for nationwide housing indicates that prices jumped 12.4% in July over a year ago and that is the biggest jump in 7.5 years.
As we have all heard the low supply is contributing to the value increase. The real estate market took big hits during the poor economy period and as many said "it will come back" and it is, which is good news for everyone. There are of course indications that the "peak" has been reached or is close to being reached. Many reports show that the overall gains are slowing when we compare month over month, and many experts say a slower pace will be better in the long run.
Mortgage rates have increased which is another factor when buyers are considering how much and when to purchase. Many markets experience a "seasonal" increase or decrease in purchasing so that will also factor into the next several months reports.
Home builders continue to report an increase in permits pulled, this will help the inventory and could spur another surge in homes sold in the next 3-6 months as these homes are completed.
We all know that the market stats can vary from state to state, from city to city and even from neighborhood to neighborhood. Our local market is strong and showing steady activity.
If you want to know the value of your home, contact us and we can provide you with the details.
Helping your find or sell your home is our goal,
Getting you through the process is our expertise!