Home prices continued their upward spiral even as mortgage rates climbed. The S&P/Case-Shiller home price index was up in May 12.2% compared to a year ago. This was the largest year-over-year jump in prices since March 2006. Home prices have increased every month for the last 12 months.
The nation mortgage rate is currently 4.6% for a 30 year fixed mortgage.
If you are even thinking of buying or selling, I urge you to talk to a REALTOR who can give you the information you need to make an informed decision. I suggest that first time home buyers start talking to a REALTOR a year before their planned purchase.
As always, if I can help with any of your real estate needs, please feel free to call or email me today.