Although I am not an advocate of comparing changes in prices from month to month or from year to year but we need to be aware of trends. The following is from the Standard & Poor’s/Case Sheller index showing the year-to-year housing price changes for the top 20 metro areas. It is good to see that there are metro areas showing a positive price change. Without the benefit of further research, I would conclude the positive changes in Los Angeles, San Francisco and San Diego may be due to dwindling supplies. And in Washington DC – well it is the federal government!
The price reduction year over year in most areas has slowed, hit bottom and gradually turning positive. This may signal the best time ever to buy – especially with mortgage rates around 4%!
Metro Area 1-year Price Change (%)
Atlanta -2.0
Boston +1.5
Charlotte -3.4
Chicago -2.9
Cleveland -0.4
Dallas -1.7
Denver -1.2
Detroit -0.1
Las Vegas -4.5
Los Angeles +5.4
Miami -1.0
Minneapolis +2.9
New York +0.1
Phoenix +0.4
Portland -2.3
San Diego +6.9
San Francisco +7.8
Seattle -2.4
Tampa -4.1
Washington DC +4.8
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment