February marked the first month in 7 years — since the crash—that US Home Prices rose at the fastest pace as buyers jumped in before prices and interest rates rise too much.
Standard & Poor’s Case/ Shiller index jumped 9.3%.
This widely recognized report monitors 20 major metropolitan cities – for the second consecutive month ALL 20 cities monitored saw year over year gains.. this hasn’t happened since 2005 which for the East End, was the height of the home sales market with the most number of home sales closed.
The cities that were hit the hardest in this Great Recession, seemed to realize the greatest acceleration, with Phoenix rocking a 23% year over year gain in prices.
The next important conversation needs to be about inventory levels which are at a 10 year low.
We all know what happens when demand increases and inventory levels decrease—yes that’s correct—prices go up!
ARE YOU IN?