The cost of purchasing a home has risen according to Redfin, climbing 2.8% year-to-year in April.
The published data from Redfin’s report indicated that only five of the 85 largest metros saw a year-over-year decline in their median price. One such area was San Jose, which over the past five years saw its home values appreciate 78%, so a 5% dip in price is actually a healthy sign. San Jose area’s median home value now is $1,128,300. San Jose isn’t the only market showing signs of cooling; San Francisco home values have fallen by 0.1% as well.
Still, in general, pricing is reflecting a cautious optimism. With mortgage rates below the averages that they were this time last year, we can expect to see homebuyers stepping back into the market.
The good news is that the economy continues to thrive while home prices are keeping pace with the growth rather than leap-frogging to higher levels.
The Redfin report indicates that they don’t expect to move higher “in a meaningful way this year.”
In many markets, inventories are increasing again, which is another attractive factor when it comes to bringing in serious buyers.
The Redfin analysis saw home sales falling in 41 of the 85 largest housing markets.
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.
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