Thanks to our friends over at movement, we have a little update on what higher home prices mean for buyers:
“Home prices are still on the rise and don’t show any signs of slowing down anytime soon. But hopeful borrowers shouldn’t throw in the towel just yet.
The S&P CoreLogic Case-Shiller national home price index shows that the price of homes increased 6.2 percent annually in January, down slightly from 6.3 percent in December.
The reason why remains the same: A low inventory of homes is driving up the price tag. And even as Americans’ confidence in the economy continues to improve, recent data makes it appear as if attitudes toward home buying are worsening.
About 68 percent of consumers say now is a good time to buy a home, down from 72 percent just last quarter, according to the National Association of Realtors. Meanwhile, 55 percent of renters say now is a good time to buy a home, down from 60 percent just three months ago. Homeowners and people living in the more affordable Midwest and southern housing markets were more positive in their outlook.” continue reading.