New reports released today, finally relayed good news for the housing market. Nationwide home prices are up 6.3%; the largest gain in 6 years. Anyone searching for a home recently knows this news is no surprise. Multiple offers are up and homes are selling faster than ever.
The increase in average sales price is said to be up due to low inventory and low-interest rates. Many homeowner’s have also begun putting their homes on the market again and previously nervous buyer’s are back out. When you combine supply and demand with record-low interest rates, this is an obvious outcome.
READ FULL STORY via HOME PRICES UP OVER 6% NATIONWIDE; LARGEST GAIN IN 6 YEARS; LOW INVENTORY IN CHICAGO.