Home values rose dramatically over the last twelve months. In CoreLogic’s most recent Home Price Index Report, they revealed that national home prices increased by 6.2% year-over-year.CoreLogic
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Mortgage interest rates rose by more than half of a point since the beginning of the year, and many assume that if mortgage rates rise, home values fall. History, however, has proven this false.
While rates have been rising, so have home values. Check out the most recent monthly price increases reported in the Home Price Insights Report from CoreLogic:
January: Prices were up 0.5% over the month before.
February: Prices were up 1% over the month before.
March: Prices were up 1.4% over the month before.
Not only did prices continue to appreciate, the level of appreciation accelerated over the first quarter. CoreLogic expects home prices to increase by 5.2% over the next twelve months.
How can prices rise while mortgage rates increase?
Freddie Mac explained in a recent Insight Report:
“In the current housing market, the driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low rates. As mortgage rates increase, the demand for home purchases will likely remain strong relative to the constrained supply and continue to put upward pressure on home prices.”
Thinking about moving up to your New Jersey dream home? Waiting until later this year and hoping for prices to fall may not be a good strategy. Here’s a GREAT strategy: Download our FREE Buyer's Guide HERE, then call Team Nest Builder’s Lynn Garafola at 973-222-3777 to start your home buying process TODAY!
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