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The Real Estate Market Is Still Hot
Still wondering if it’s the right time to sell or buy a home? Just look at this article! The real estate market is still sizzling hot!!!!
USA reports…..WASHINGTON — U.S. home prices climbed a robust 6.2% from a year ago, amid strong demand from would-be buyers and a shrinking supply of properties for sale.
Standard & Poor's said Tuesday that its S&P CoreLogic Case-Shiller national home price index stood in October a solid 6% above its previous 2006 peak. Prices are rising at more than double the pace of wage growth, creating some affordability pressures that have been offset by relatively low mortgage rates. Metro areas with booming job markets and the steepest home price gains could see more residents staying as renters.
"Since home prices are rising faster than wages, salaries, and inflation, some areas could see potential home buyers compelled to look at renting," said David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.
The strongest annual gains occurred in Seattle, where prices have shot up 12.7% since October 2015. Las Vegas has seen prices increase 10.2%, while San Diego notched growth of 8.1%. Of the 20 metro areas tracked by the index, Washington, DC reported the smallest price gain with 3.1%.
As the economy has steadily recovered from the 2008 financial crisis, demand from would-be buyers has steadily improved. The 17-year low unemployment rate of 4.1% has left more Americans confident enough to put bids on homes. Sales of existing homes in November reached their strongest pace since December 2006, according to the National Association of Realtors. But the sales growth hasn't compelled more people to list their homes for sale, as the number of properties on the market has tumbled nearly 10% in the past 12 months.
Mortgage giant Freddie Mac said last week that the rate on 30-year fixed-rate mortgages averaged 3.94%, down from 4.30% a year ago.
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Featured properties may not be listed by the office/agent presenting this brochure. Information has not been verified, is not guaranteed and is subject to change. The data relating to real estate for sale on this report comes in part from the Internet Data Exchange program of Northern Kentucky MLS.
At Regional Realty, we are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advetising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.
Wendie Neely is licensed in both Kentucky and Ohio. Her background includes several years as a Real Estate Appraiser placing her in a unique position to help Buyers and Sellers understand property val....