With the summer season less than 25 days away, the real estate industry is gearing up for one of its busiest selling seasons. As we approach the arrival of the summer, there is some good news to report: home prices in more than 19 cities around the country saw faster than anticipated home price gains during the month of March compared to 2015.
The property values index across the 20 cities increased by more than five percent from March of last year after climbing 5.4 percent in the year through February. The national home price gauge also saw an increase of over five percent from a year ago.
The gains from March come on the heels of a round of more recent data that showed purchases of existing and new homes and contract signings on previously owned houses that all saw higher than expected boosts in April after 2016 saw the economy begin slow. Prospective buyers will still have to deal with limited inventory, especially if they’re seeking lower-priced homes.
Reasons for the home price increases could have something to do with improving labor markets, a reduction in unemployment rates, and the fact that mortgage rates continue to remain low. The limited supply of available homes could also be a factor.
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