Home Prices Jumping and so are Interest Rates!
We knew it would happen eventually and it appears it has already started. Home prices AND interest rates are on the rise!
According to the closely watched S&P Case-Shiller index, home prices increased 5.5% from November 2011 to November 2012 in the 20 major US cities monitored by this index.
In Utah, from the 1st to the 4th quarter of 2012, the median home price increased 11% statewide, with a 17% increase in Salt Lake County, a 10% increase in Utah County, and a 20-25% increase in Summit and Wasatch Counties. Inventory is down, demand is up, unemployment is low, and there is a general shortage of housing statewide due to very little new construction in the past 5-6 years. Prices are up, not just in Utah, but in many states across the nation. Southern California is even facing a more drastic increase due to an even greater lack of inventory.
To read more about this increase in median sold home prices, visit: http://money.cnn.com/2013/01/29/news/economy/home-prices/index.html?iid=HP_LN
In addition, interest rates have taken a beating this past week and are higher than they have been in months if not a year. Rates jumped .25-.375% in the past few days! Although they may come back down, it could also be the beginning to the end of these record low interest rates. One day they will start going up and will not come back down, and we will be reminiscing about the days when rates were in the 2's and 3's. Take advantage of these rates while you still can!!
To see what rates are doing, visit MyProvoHome.com and scroll down to the bottom of the Home Page, where you will see a mortgage rate chart sponsored by Zillow.com.
If there is anything that we can do for you to be of assistance, please don't hesitate to let us know! Have a great week!
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