For
the past three years spring and summer have seen an increase in home
prices along with an increase in the number of people buying homes.
In the fall those increases have disappeared, even dropping below the
starting point. This year, however, looks as though that may not be
the case.
In
July home prices were up 3.8% compared with one year ago, the largest
increase from one year to the next in the past six. According to
CoreLogic, the lowest level of the housing decline was during
February, since which time the prices have risen 9.6%. These factors
add to the evidence that home prices may have hit bottom.
While
it is likely that home prices and the number of people buying houses
will decrease in the fall it is unlikely that they will decrease by
9.6%. This kind of decrease has not been seen since March of 2009,
during the economic recession.
This
is the encouraging news. The discouraging information is that both
the economy and the employment wages are not increasing fast enough
to maintain this pace. According to Nick Timiraos at the Wall Street
Times, investors likely realized it was an opportune time to buy and
started buying up homes. He predicts that in the coming year prices
are likely to continue to rise, although not at the rapid pace they
have been, and will likely drop some due to seasonal factors in the
coming months.
HOMESELLERS:
What is YOUR home worth?
Find out what your home is worth and what sold on your street
right now.
HOMEBUYERS:
Find out what sold in the neighborhoods you are interested buying
in.
Market snapshot guarantees the most up-to-the-minute neighborhood
property information, detailing MLS active, sold inventory, and days on the
market counts.
Ruben
Garmyn & Jim Birtola
Team Birtola - Garmyn, Oregon's #1 Real Estate Team
Prudential High Desert Realty
Bend, OR
Office: 541-312-9449
clientservice@prudentialhighdesertrealty.com
http://www.BendOregonRealEstate.com
Team Birtola - Garmyn, Oregon's #1 Real Estate Team
Prudential High Desert Realty
Bend, OR
Office: 541-312-9449
clientservice@prudentialhighdesertrealty.com
http://www.BendOregonRealEstate.com
No comments:
Post a Comment