Home Prices Move Up in January
In recent housing news, home prices rose during the frost month of January, according to recent results from S&P/Case-Shiller.
According to the survey released Tuesday March 25, the S&P/Case-Shiller composite index of 20 metropolitan areas rose 0.8 percent in January on a seasonally adjusted basis.
While housing may have taken a hit this winter due to frigid temperatures, the recent survey results show the market isn't so far off track, afterall.
"You may not realize it given the eye-popping levels, but today’s Case-Shiller numbers actually do represent a bit of moderation for the venerable index. The real pace of gains is probably really half that being reported, but the big picture remains the same: the housing market is doing quite well,” says Zillow Chief Economist Dr. Stan Humphries.
“We remain far from normal in terms of appreciation rates, negative equity rates and mortgage rates, but we’re getting there, and a slowdown in appreciation is welcome. As the busy spring home shopping season ramps up, potential buyers and sellers each have some things to look forward to. Buyers can generally expect a lot less competition from investors armed with cash offers, and modestly more homes to choose from; while sellers can still enjoy market dynamics tilted more towards them than to buyers."
S&P/Case-Shiller says prices in the 20 cities rose 13.2 percent year over year, just shy of expectations for a 13.3 percent gain.