We are all seeing rising home prices. Here in the Northeast Georgia area, especially the Metro Atlanta area, it almost seems like it will never stop. The increase in new jobs as companies move into Georgia, combined with the shortage of inventory is making it currently impossible to predict how long this trend will last. Generally speaking the real estate market moves in 10 year trends. If you shut your eyes you could easily envision yourself in 2006 & 2007 when it comes to housing. The following article found in The MReport shows this trend seems to be happening throughout the county.
Rising Home Prices
U.S. home prices in February were up 0.6 percent from the previous month nationwide, according to the Federal Housing Finance Agency’s latest House Price Index. Prices for sales guaranteed by Mae and Freddie Mac were up 7.2 percent compared to last February, according to this report.
The month-to-month numbers from FHFA were slightly higher than those reported in the latest S&P CoreLogic Case-Shiller Home Price Index, released on Tuesday, which said that February prices were up 0.4 percent from January; they were up 6.3 percent from a year earlier.
“Home prices continue to rise across the country,” said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices while commenting on the S&P Case-Shiller HPI. “Year-over-year prices measured by the National index have increased continuously for the past 70 months.”
That’s since May of 2012. In that time, Blitzer said, prices have averaged a growth rate of 6 percent a year.
At nearly 13 percent, Seattle saw the largest growth in the past year in major markets. Home prices were also up by double digits in Las Vegas and San Francisco on the S&P Indices. Washington, D.C., and Chicago saw the lowest growth rate over the past 12 months, each less than 3 percent.
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The Bottom Line
We are still at historically low interest rates. Contact us if you are trying to decide if now is the right time to buy your dream home. Let us help you get all the information you need to make an informed decision.
