Categorized | Residential

Home Prices Increased Slightly Over The Past Two Months

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The housing market may be in recovery mode after all. Reports indicate that residential real estate prices have increased slightly nationwide over the last two months in the United States. Even with foreclosures and other distressed home sales factored in, prices have shown small steady gains.

The residential property market rose just over one percent year-over-year in April. Prices also experienced a similar increase year-over-year during the month of March.

While not all areas of the country have shown improvement, many are starting to post very slight gains. Other areas, such as Miami, have been posting strong gains for the last few months.

Even New York’s housing market is starting to show improvement. While the city has always performed well, local suburbs are now starting to show positive growth for the first time in quite a while.

While home prices are starting to increase slightly, buying a home still remains the more affordable option for those looking for housing. With rock-bottom prices, and record-low mortgage rates, many economists and real estate experts are considering the current market ideal for buying. Couple those factors with the fact that rent prices continue to rise throughout the country, and buying a home continues to seem like an attractive option.

With rents on the rise, many renters are starting to gravitate more towards the idea of homeownership, which may, in fact, cause the market to recover even faster than initially planned. Many economists believe that the residential real estate market will see only slight growth throughout this year. However, as prices continue to increase year-over-year, the growth this year may be larger than expected.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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