For over a year, the United States housing market has been on a steady upswing, rebounding in a big way from the bottom levels of the recession years. Although plenty of economists and other market watchdogs keep saying this growth will level off sometime soon, the numbers continue to suggest otherwise. In a bit of news that should make first time sellers smile, home prices across the country jumped by over 12 percent in June.
According to The Salt Lake Tribune, property value listings were 12.1 percent higher in June compared to the previous year, nearly the highest it has been in seven years. Those numbers come from Standard & Poor’s/Case-Shiller home price index, which gathers data from the 20 biggest markets in the country, equal to about 50 percent of housing in the U.S. – and they all reported higher price gains compared to both May of this year and June of last year.
“The fundamentals of the housing market are solid,” Gus Faucher, a senior economist with PNC Financial Services, told the source. “Despite higher prices and mortgage rates, affordability is still much better than it was prior to the housing crash […] Many households that put off buying a home in recent years are now getting back into the market, boosting demand.”
Great news for both buyers and sellers. Homes are still affordable for first time buyers to land their own place, but with prices going up, it means those looking to sell can start getting top dollar for their property.
If you live in Salt Lake City and need some help selling your home, don’t hesitate to contact one of our specialists at Muve Real Estate today.