We’ve been watching home prices climb in our area, but it’s official: home prices are up nearly 15% in some area, marking a 5-year high. This returns us to the prices we saw in the summer of 2008.
What does this mean for you?
It’s a great time to sell, but also to buy. This increase shows that buyers have more faith in the strength of the housing market. While the beginning of 2013 was marked by cautious optimism, now that summer has arrived, it’s clear that more and more people are of the opinion that the market has taken more than just a temporary turn.
While inventory remains low, the rise in price will likely entice many sellers to enter the market, giving buyers more choice. And although interest rates have inched up, they still remain low overall.
All in all, this is a great opportunity to make your move!
**Data pulled from the UT-San Diego**