Home Prices are Rising

U.S. home prices rose in June from the same month last year, the first year-over-year increase since the summer of 2010. The increase is the latest evidence of a nascent recovery in the housing market. The last time the year-over-year index increased was in September 2010. For much of that 12-month period, the government was offering a home-buying tax credit. So that really doesnt count as much, we expected that increase. However this is with really no help at all. Great rates does make it easier though. My report also showed that all 20 cities tracked by the index rose in June from May, the second consecutive time in which every city posted month-over-month gains. And all but two cities posted stronger gains in June than May. These cities have been the hardest hit cities, i.e. tampa, Miami, las Vegas, Arizona to name a few. The FAR Tells us that "The housing market is making a modest but steady recovery in part because homes are more affordable: Mortgage rates have fallen to near-record lows. Housing prices are about one-third lower than at the peak of the housing bubble in 2006. Those trends have helped lift sales of both new and previously occupied homes. Sales of previously occupied homes increased in July from June, the National Association of Realtors said last week. Sales have jumped 10 percent in the past year." I believe now is the time to buy a home, if you are standing on the sidelines watching when to buy, you might have los $$ already, here in Florida we are seeing price wars, well at least in my area Tampa, I cant speak for other cities, however if the home is priced right, its not lasting on the market and we see bidding wars.