Home Prices Up, Local and National Housing Markets Stabilizing – Santa Monica Real Estate News
The Federal Housing Finance Agency’s April House Price Index shows house prices increased 0.8 percent on a seasonally adjusted basis from March to April. The previously reported 1.8 percent increase in March was also revised downward to reflect a 1.6 percent increase.
When compared to April last year, prices were up 3 percent. While higher home prices indicate the market is improving, the index is still 17.6 percent below its peak, recorded in April 2007, but matched the level from April 2004 index.
High home prices may have potential buyers of homes for sale in Los Angeles County hesitant to purchase a home, mortgage rates continue to reach new record lows. Those living in Southern California who are interested in becoming homeowners are urged to begin the home search process, as both prices and rates are predicted to increase throughout the year as the market stabilizes.