After a period of decline, home prices are now rising again across the country. The gains are less than those from the previous year. But, it does imply that prices may have stabilized despite high mortgage rates and a small supply of available homes for sale. So if you worry about home prices, don’t let it pause your plans. This rebound in prices is good news for you.
A recent report claims that housing costs have now risen for four consecutive months. This is according to the most recent Case-Shiller U.S. National Home Price NSA Index from S&P CoreLogic. Economists were surprised by the rise because they had assumed the index would remain unchanged. According to S&P, the index is only 3.6% below its peak from June of last year.
In another separate report from the Federal Housing Finance Agency, home prices increased by 0.7%. And while rising prices do not necessarily signify a complete recovery, they do indicate that the decline in home prices might be over.
“There is no doubt that the housing market has reignited from a home price perspective,”. – Andy Walden, vice president of enterprise research at Black Knight.
The Bottom Line
It’s crucial in the current market, whether you’re a buyer or a seller, to follow trends. Despite rising home prices, buying a home is still feasible in the current market. The best thing to do now is to get in touch with a local real estate expert. They will help you learn more about the state of local prices.
What To Do:
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