This past May, prices of homes in the United States rose steadily, up 4.9% from twelve months prior in May 2014.
This percentage of increase is found by The Standard & Poor’s/Case-Shiller 20-city home price index. According to S&P Dow-Jones Indices, this was just a small decrease in pace from the 5% increase in sales that April saw.
All 20 cities in the index saw price increases as compared to 2014. The index covers roughly fifty percent of US homes. It compares prices to those in January 2000, creates a 3-month average, and right now May is the most recent available.
As we have seen over the past spring and into this summer, home sales in the United states are on the rise. A healthier economy has boosted employment, and therefore more people in the US are financially ready to purchase real estate. However, not as many people have chosen to sell their existing homes, and construction is still catching up to demand as well. The number of homes listed for sale rose 0.4 percent in the past year, the National Association of Realtors said, while sales have increased 9.6 percent. For these reasons, supply of real estate is tight and prices are therefore higher.
According to the National Association of Realtors last week, sales of existing homes increased 3.2 percent in June to a seasonally adjusted annual rate of 5.49 million. This spike is the fastest pace real estate has seen since February 2007. Sales are also up just within the year from an annual pace of just 4.8 million in January.
This accelerated pace is most likely pushed by high mortgage rates and the probable possibility that the federal reserve will raise short-term interest rates.
There truly is no sooner time to buy a piece of real estate than right now, and many buyers are noticing that. The average time a property lasts on the market is at its shortest point since 2011.
Take advantage of the present and check out all the amazing properties available in Miami today- before someone else snatches up your dream home first! 