US Home Prices Rise At Fastest Rate In 31 Months

Dated: 03/28/2017

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The Housing Market in the Washington DC and Northern Virginia area is HOT! A combination of rising interest rates and tight inventory has finding that perfect home that much harder. 

The Wall Street Journal is reporting this week that home prices are rising at the fastest rate in 31 months( WSJ Article) 

"Home prices in January rose at their fastest rate since mid-2014, a trend that bodes well for sellers but could ultimately start to damp buyer demand this spring selling season.

The S&P CoreLogic Case-Shiller Indices, which cover the entire nation, rose 5.9% in the 12 months ended in January, the strongest increase in 31 months, up from a 5.7% year-over-year increase reported in December.

The 10-city index gained 5.1% over the year, up from 4.8% the prior month, and the 20-city index gained 5.7% year-over-year, up from a 5.5% increase in December.

Economists surveyed by The Wall Street Journal expected the 20-city index to climb by 5.6%."

Bottomline; its going to be a sellers market this season. Buyers need to present strong offers. It also doesn't hurt to have a knowledge LOCAL Realtor that understands the micro-areas( ie neighborhood, subdivision, district.. etc) you are interested in buying your next home.

~Chuck



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Chuck Rifae

Chuck Rifae has been a leading Northern Virginia Realtor since 2002. Chuck holds the advanced designation of Broker of Real Estate for both Maryland and Virginia. When Chuck is not working with buyer....

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