Case Shiller has never seen home prices increase like this before. Which sounds great. So what is happening in Upstate South Carolina?
Well I guess we can breathe yet another sigh of relief. The latest S&P Case Shiller Home Price Indices is like so many other recent reports showing recovery for the US housing market. Which is great but we both know that you really need to look locally to find out what is really important to you. But let’s look at the numbers from Case Shiller first:
Case Shiller on US Home Prices
In April 2013 average home prices tracked by Case Shiller in their 10 and 20-city Composites increased by 11.6% and 12.1% year-over-year. On a month-to-month basis, the Composites increased by 2.6% and 2.5% percent respectively.
Upstate South Carolina Home Prices
Now let’s look at the numbers from May 2013:
It does look positive. However this is the numbers for the entire WUAR MLS and while it is great news, it still isn’t everything you need to know to make an informed decision about the value of a specific home.
FHFA Also Has Good News About House Prices
The Federal Housing Finance Agency reported that home prices increased an average of 7.4% year-over-year as of April 2013. Check out the chart below:
Commerce Department Also Has Good News for Real Estate
Not to be outdone, the US Commerce Department also had some good news! They just said that new homes sales are at the highest level since July 2008. New home sales in May 2013 increased 29% from the level back in May 2012.
The Take Away:
I am sure you have been watching the mortgage rates increase. Plus we keep hearing about home prices increasing. If you are serious about buying a home and have been waiting for the “bottom”, well it may have already happened.