Thursday, May 10, 2018 / by Teresa Dipeso
Home prices are continuing their long-term spell upward, with a February gain of 6.3 percent, according to the S&P CoreLogic/Case-Shiller Indices.
“Home prices continue to rise across the country,” says David M. Blitzer, chairman and managing director of the S&P Dow Jones Index Committee. “Increasing employment supports rising home prices both nationally and locally,” Blitzer says.
“Year-over-year prices measured by the national index have increased continuously for the past 70 months, since May 2012. Over that time, the price increases averaged 6 percent per year. With expectations for continued economic growth and further employment gains, the current run of rising prices is likely to continue. “Increasing employment supports rising home prices both nationally and locally,” Blitzer says.
“There is no let-up to rising home prices,” said Lawrence Yun, chief economist of the National Association of REALTORS® (NAR), in a statement. Median home price both show gains of roughly double the average wage growth. Even as the tightening job market is starting to boost incomes, those looking to buy are facing a double whammy of fast-rising home prices and higher mortgage rates.
If you are thinking of buying a home at the Jersey Shore, now is the time! Don’t wait while prices continue to increase. Call the DiPeso Group and let our team help you find your shore home or investment property!