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Why you should consider selling soon?

Tuesday, January 31, 2017   /   by Jenny Wright

Why you should consider selling soon?

Home prices are continuing to rise, according to data released, building on an all-time record set a couple of months ago.

On a national basis, single-family home prices increased by 5.6% in November.  That's up slightly from 5.5% in the previous month.

Lower rates of unemployment, an improving economy and a prolonged period of low interest rates have contributed to the housing recovery and helped push home prices higher.

An index measuring 20 cities shows that home prices increased an annual 5.3% in November, while a separate 10-city index shows that home prices gained 4.5%.

Home prices are climbing particularly fast out West, with the highest year-over-year price increases in Seattle (10.4%), Portland (10.1%) and Denver (8.7%).

Interest rates are creeping higher and will impact demand and affordability. The rate on a 30-year fixed rate mortgage is now at about 4.3%, up from 3.7% before the holidays.

Home prices have already risen faster than inflation and rising rates could put buying a home out of reach for more Americans.

Seasonally adjusted, the national index rose 0.8% in November from the month before, while the 20-city index and 10-city index both rose 0.9%.