Things are certainly looking up on the national real estate market! According to a recent report from the national Standard & Poor's/Case-Shiller Home Price Index, home prices increased during the month of January despite cooling home sales.
Experts believe that a tightening inventory helped to spur the rise in home prices.
This is important information for home sellers as it will help determine their home selling strategy on the local housing market. So continue reading to learn more!
What National Home Sellers Should Know About the Market
Here are the highlights of the most recent report from Standard & Poor's/Case-Shiller Home Price Index:
- National home prices increased 4.6 percent year over year in December, bolstered by increased of 9.3 percent in San Francisco and 8.4 percent in Miami.
- Home prices in Chicago increased 1.3 percent year-over-year while Cleveland and Washington saw price gains of 1.5 percent.
- Here are some additional cities mentioned in the report, including their year-over-year index change:
Las Vegas: 6.9
Los Angeles: 5.5
New York: 1.9
San Francisco: 9.3
- Meanwhile, experts described how regional housing indicators in the south and west were generally positive while the harsh winter continued to hold back home sales in the Northeast and Midwest.
- Specifically, existing home sales in the West dropped 7.1 percent in the month of January, according to National Association of Realtors' data released Monday.
- Meanwhile, national home sales decreased 4.9 percent month over month.
- Sales in the Northeast dropped 6 percent month over month, while declining 4.6 percent in the South and 2.7 percent in the Midwest.
- Home sales were, however, up year over year in all four regions in January.
How Can We Help Make Your Real Estate Dreams a Reality as a Seller?
Please contact us for more valuable insight on the current state of the national housing market and how it may benefit you as a home seller. We would love to assist you!
And make sure to check back here next time for even more information that will aid you in your real estate endeavors!