Beautiful weather is abundant in the Coachella Valley this time of year. We are beginning to see the population swell. With the crowd comes more buyers and sellers alike. The inventory of homes for sale is rather low. Locally our market is seeing a slow and steady price gain, helped by the small amount of homes on the market. Economists expect the home prices to continue to rise. Rental homes are in high demand as well. Seasonal rentals seem to be getting leased sooner and for more money each year. Homeowners are now being picky about who and for how many months the lease there homes. With home values expected to rise maybe it is time to consider buying instead of leasing!
U.S. single-family home prices rose in August and also posted their strongest annual gain in more than seven years, a closely watched survey showed on Tuesday.
The S&P/Case Shiller composite index of 20 metropolitan areas rose 0.9 percent on a seasonally adjusted basis, beating economists’ expectation of a 0.6 percent gain. Prices rose 0.6 percent in July.
On a non-adjusted basis, prices rose 1.3 percent.
Compared to a year earlier, prices were up 12.8 percent, beating economists’ expectations of 12.5 percent and marking the strongest gain since February 2006, when the increase was 13.8 percent. However pending home sale are most recently down. 5.6%.
The August price gains came despite a rise that month in 30-year mortgage rates that slowed mortgage applications and refinancing activity.
The report suggested the housing sector continued to recover despite those headwinds. Home prices have been rising nationally since early 2012 and economists have singled out housing as one of the bright spots of the U.S. recovery.
Prices in all 20 cities rose on a non-seasonally adjusted yearly basis, led by a 29.2 percent gain in Las Vegas and followed by a 25.4 percent increase in San Francisco.