Home prices hit new highs in many areas

As we’ve been seeing here in Atlanta it’s hard to find a home to buy these days.  There’s just not a lot of inventory out there.  It’s frustrating for buyers and it’s making prices go up as you can read from this report from USA Today and Lender Processing Services.  From USA Today

“As U.S. home prices begin to edge up after largely falling for years, prices in a smattering of cities are already at all-time highs, new data show.   More than 100 metropolitan areas hit their peak home prices in July and a few in June, according to data through July from mortgage tracker Lender Processing Services. Those areas include Pittsburgh and Anchorage.  Another 50 areas are within 2 percent of their previous peaks, LPS’ home price index shows. Examples: Austin; Denver and Boulder, Colo.; Indianapolis; and Portland, Maine.

Many cities whose prices are at or near peak levels never experienced the large swings in prices, up and down, that marked the national market’s boom and bust in the past decade, says Mark Zandi, Moody’s Analytics chief economist. So, the cities don’t have as far to come back to hit highs.  Some of the markets have also risen in tandem with growing local economies, especially those built on strong energy and agricultural business.  All told, the 150 areas account for about 7 percent of the nation’s residential housing stock.”

We’ve been warning you about this shortage.  Of course, it’s great news if you’re thinking about selling. Either way give us a call and we can advise you on what your next move should be.



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