According to the Federal Housing Finance Agency, nationwide, home prices increased in April, from the previous month and for the previous year.
The numbers showed that home prices increased 0.7% month-over-month in April.
The trend projects that the average home price will increase by 6.8% annually. The agency also revised March’s numbers upward from 0.6% to 0.7%.
This strong trend was also confirmed by a report issued by the National Association of Realtors showing that the median home price for existing home sales increased to a new high in May.
The numbers compiled by the FHFA excludes high-end homes bought with jumbo loans or cash sales.
This chart shows the solid trend of increasing home prices since early 2012, and the point where home prices surpassed their previous peak in 2016.
Since January 2016, when the FHFA index broke the previous high, it is now cresting in new all-time high territory.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.