According to the S&P/Case-Schiller Price Indices, home prices rose for the sixth consecutive month in the third quarter. With several major cities recording these results it is safe to say that we can expect to see more of a recovery in the housing market.
- S&P Case-Shiller: Home Prices Rise for the Sixth Straight Month; National Composite Up 3.5% in Q3 2012 Vs Q3 2011
- 10-City Composite Shows Annual Return of Up 2.1% in Sept. 2012
- 20-City Composite Shows Annual Return of Up 3.0% in Sept. 2012
Recent reports are all mentioning findings that the home prices have not been seen for the last 2 years. These results will fuel more buyers to proceed with their home search more seriously as we can only expect the prices to continue to rise slowly. They want to purchase while prices are still at the bottom.
This is also promising news for homeowner's who are planning on putting their homes on the market in the upcoming Spring market. We will see a con tuning influx of buyers taking advantage of the low rates which are predicted to last throughout 2013. We still currently have buyers who will need to find a new home before the Spring market so this holiday may make a great time to list a home as there will have far less competition meaning some homeowner's could potentially have sold and closed on their homes well before the Spring market! Home prices are not near where they used to be in early to mid 2000 but they are 20 percent higher than last years prices.