Home Prices Should Go Up for Rest of 2015
The prices for detached single family homes in San Diego went up 6.03 percent between March 2014 and March 2015, according to the Greater San Diego Association of Realtors.
Statewide prices in California went up 7.2 percent, and national prices went up 5.6 percent over the same time period according to the California Association of Realtors and CoreLogic’s Home Price Index respectively.
Home prices in twenty-seven states and the District of Colombia are within 10 percent of historical peaks for prices in their territories, but California is not one of them. California’s median home price of $440,000 is still -18.2 percent of its peak of $538,000 registered in May 2006.
However the CEO of CoreLogic said, “All signs are pointing toward continued price appreciation [nationally] throughout 2015.”
Prices are being driven upwards due to limited housing inventories across the country during a time with low mortgage rates and improving consumer confidence.
Those looking to sell their home and then purchase a new one will find mortgage rates near an all-time low. Conforming no point 30-year fixed mortgages averaging 3.875 percent while 15-year mortgages averaging 3.215 percent.
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.