There were two pieces of very encouraging news this week; home prices nation wide are on the rise, and there were fewer late mortgage payments being made. Prices rose by 2.5% in June from a year ago, and by 6% from the previous quarter according to the Wall Street Journal article. The quarterly jump was the largest since 2005. The driving force was a decreased supply …. or was it an increased demand. With continued economic stabilization and a slowly improving job market buyers a more confident and willing to make the purchase they were putting off since the downturn began.
At the same time late mortgage payments hit a low in the second quarter of the year according to NPR. This is another positive sign that homeowners are more confident and the improving labor market is inject some stability into the housing sector.
Locally I would not expect to see a massive increase in home prices, but I am already seeing an increased pace in home sales … for homes that are priced properly. Home owners that have accepted the current realities of the market and who are pricing their homes at market value are seeing positive outcomes. This is true no matter what market you sell your house in.
Interested in selling or buying a home? Contact Alison and Brett today!