|Tuesday, October 2, 2012|
Home Prices Continue To Rise
For six months in a row U.S. single-family home prices rose. The S&P/Case Shiller composite index of 20 metropolitan areas showed an increase of 0.4 percent in July, which is up 4.6 percent over last year. This is the biggest year-over-year increase since July of 2006. Economists were predicting a rise of 0.9 percent and fell short. Many economists believe that the housing market has finally turned the corner. Four cities out of the 20 that the home index tracks saw prices decrease for the month. Atlanta was hit the hardest with home prices falling nearly 10 percent over last year.
Recently released data has shown that home resales and the breaking of ground on new properties rose in August. The sale of previously occupied homes jumped to a high we have not seen since May of 2010. The gains in the housing market are headed in the right direction but we still have a long ways to go till a full recovery can be considered.
Mortgage rates continue to remain low making now the perfect time to buy a home. If you are looking to buy or sell a home in the Brainerd area, contact me, Bill Grunewald. My team and I enjoy helping folks like you find just the right spot to live your northern Minnesota Lake Country dream.
Bill Grunewald/ Edina Realty.