The housing recovery continues to gain steam, as home prices jumped in April, while new home sales hit a fresh five year high in May.
The S&P/Case-Shiller home price index was up to 12.1% in April, as compared to a year ago, in the nation’s top 20 real estate markets. This marks the biggest annual jump in prices in seven years. Prices rose 2.5% from March, posting the largest one-month rise in the 12 year history of the index.
A drop in foreclosures, coupled with a tight supply of homes for sale and mortgage rates that hit record lows, have fueled the rebound in housing over the last 11 months.
Affordability remains near historic highs right now, despite the recent rise in interest rates and home prices. And while banks might be charging higher rates, they are likely to ease their lending standards for mortgages due to the stronger home prices. That should make it easier for more buyers to qualify for home loans.
Take advantage of these market conditions. Whether you are in the market to buy or sell, now is the time! Interest rates are still low, demand for homes is high and supply is short.
Put the experience of The Karen Smith Team at RE/MAX Around Atlanta to work for you. Contact us today if you or someone you know is in the market to buy or sell a home.