Home Prices Continue to Rise
According to the latest quarterly report by the National Association of Realtors, home prices continue to rise and are up 5.3 percent in the third quarter of 2017. Reports indicate that this rise is due to the stock market’s climb to new record highs, a continued increase in job growth and low mortgage rates. To add to this is a heightened level of homebuyer demand late into the third quarter coupled with low inventory and quick, above asking price sales. Ultimately resulting in a slowdown in sales and steadfast price growth.
In comparison to the second quarter where price appreciation was much more moderate, the third quarter experienced a steadier increase of growth that isn’t showing an end just yet. Specifically, home prices on the west coast saw the highest year-over-year increase. Seven percent to be exact. Which brought the median price of an existing single-family home to $373,700. With August showing the highest year-over-year increase at 6.1 percent.
As we enter into the 4th quarter, home price increases currently appear to be unstoppable. With most prices across the rest of the economy barely moving compared to housing. As long as mortgage rates stay low and the economy continues to improve, increasing home prices will continue to receive justified support,
What’s your Home Worth?
If you’ve been considering selling your home and want to maximize your return, now might be the best time to sell. With the continued increase in pricing and the consistent demand for single-family homes, home sellers can truly take advantage of this fully recovered housing market.
Find out how much your home is worth before you sell. You can receive a custom evaluation of your home, including to other homes that have recently sold in your neighborhood, through the free home estimation system on my site.
Once you’re ready to sell, the next step you take is the most important step of all. Finding a reliable, professional and trustworthy real estate agent in Orange County will determine the forward success of your home selling experience. With more than 18 years of successful sales in Orange County and an extensive community network, I can help you sell your home at the best price. Contact me to get started.
Photo Source: Active Listing – 1 Grevillea Ct. Ladera Ranch, CA 92694