The S&P/Case-Shiller home price index released this week showed a national increase in home prices, up by 5% since March. This brings prices to within 4% of their peak in 2006 - a far cry from the decline of 30% in 2012.
New home sales were up 17% in April - the strongest month in eight years. What's driving the market? High demand and low supply. Improving economic indicators such as falling unemployment and low mortgage rates are helping to boost sales as well.
So what does this mean for you? If you're in the market for a new home - be prepared and do your research. Get pre-qualified or talk to a lender about a good faith estimate. Work on any potential credit issues and understand what you will or won't compromise on in a home.
Home prices have been increasing steadily for the last 12 month so the time to buy is now before they increase again!