It is said that the U.S. home price gains slowed for the 13th straight month in April. This was evidence that the weaker demand is keeping prices in check even as mortgage rates have fallen. This article will be able to provide you with some current data to help you make a selling decision if you are a homeowner who is planning to sell your property. For investors, the data might be able to give you some idea if it is right to purchase a home at this time or not. One thing is sure, there is no shortage of homes for sale, and there are so many options in the market for investors.
S&P CoreLogic Case-Shiller 20-city home price index has risen to 2.5% in April compared to a year earlier. This was slightly down from an annual gain of 2.6% last March – considered as the smallest increase in almost seven years.
Last year, the sales of existing homes fell just as mortgage rates climbed to 5%, but the sales appeared to have even out this spring. The borrowing costs seemed to have fallen back to 4%, which makes more would-be buyers able to afford buying a home. The prices have increased quite slower than wages, which helps its affordability.
In addition, the price increases have also cooled in several formerly hot markets, this includes Seattle where the prices are left unchanged from the previous year. Home prices have risen 1.8% in San Francisco and 0.8% in San Diego. The largest gains are said to be in Las Vegas with a 7.1% increase and is followed by Phoenix with 6%, and Tampa with 5.6%.
Most of the economists view the current price increase pace as quite consistent with longer-run trends. Historically speaking, home values have risen about 1% annually after inflation.
Most home buyers continued struggling with higher housing costs, which increased more than the wages for seven years and jumped higher in 2013. Though, this should not hinder homeowners to give up in their plans to sell their homes, if they have to. There are companies like us who would still be interested in buying your home.
The sales of existing homes have increased at a healthy pace in May after falling in April, which was a sign that lower mortgage rates may be starting to lift demand. The average rate for a 30-year mortgage was 3.8% last week, this data was according to Freddie Mac.
With the data you presented above, you might be having seconds thoughts of selling your property. Even though the real estate prices went down a bit in the U.S. SellUsHomes.com will still be interested in buying your property, at a price which is fair for the homeowner. So, don’t be discouraged to sell your home with us.
Call us today if you want to get your home’s market value, and potential selling price. When you are ready to sell, we are just a phone call away!