There are a number of reasons to be interested in what is happening with home prices. Perhaps you are interested in selling your home and wondering how you should price your home. Or, maybe you purchased at the peak and then found yourself underwater when the market crashed, and now you are simply wondering if you have recouped the value of your home. Or, you might be looking to purchase a home and are wondering what is happening with home prices, if they are still low or have become inflated? Market trends change every week but what has been fairly consistent is the rise of home prices. Marketwatch.com discusses the most current data in home prices, “In September, about five years after the housing crisis started, home prices rose 0.2%, while the annual pace reached 12%, according to CoreLogic, an Irvine, Calif.-based analysis firm.
National home prices in September were about 17.4% below a peak level, but continued to increase, supported by pent-up demand and relatively low inventory. “Average home prices in nearly half the states are now within striking distance of their pre-downturn pricing peaks,” said Anand Nallathambi, CoreLogic’s chief executive.” Inventory continues to remain tight in many markets which is helping bolster home prices. But if, you are interested in purchasing a home, do not be scared off by the rise in home prices. Mortgage rates are still at historic lows, making now still a great time to purchase a home. AZCentral.com discusses what is happening with Arizona home prices and what to expect going forward, Home prices climbed in metro Phoenix during September, and so did the number of houses on the market. The combination worked to curb sales.
The median sales price reached $199,000 last month, up from $192,000 in August, according to Tuesday’s report from the W.P. Carey School of Business at Arizona State University. Price gains are expected to slow in the rest of 2013. Traditionally, fewer home sales are made in the last months of the year. “Going forward, we anticipate a much slower rate of price appreciation than the furious pace we have witnessed over the last two years.” If you have been considering purchasing a home, consult a mortgage lender to get pre-approved for a mortgage loan today. Being pre-approved will make purchasing a home go much more smoothly. Also, consult an experienced realtor who can guide you to the perfect home in your price range today!