Long & Foster Real Estate Blog
An Associated Press article in the May 8th Philadelphia Inquirer, reported that U.S. home prices rose 10.5% percent in March compared with a year ago, the biggest gain since March 2006. Core Logic, a real estate data provider, said annual home prices have increased for 13 straight months. Prices are rising in part because more buyers are bidding on a limited supply of homes. Prices increased in 46 states over the last year – 11 of them double-digit gains. Here on the Seven Mile Island, prices have ticked up; we saw the bottom of the market at the end of 2011. If you have been waiting to buy, consider not only that the bottom is over, add to that the extremely low interest rates. Jumbo loans currently average 3.7% for 30-year fixed rates, and 3.0% for 15-year fixed rates.