The Wall Street Journal reported this Wednesday (June 1, 2016) that Home Prices are back to near record highs across the U.S. amid rising demand and supply constraints, a sign that the lopsided housing market recovery of the past five years is gaining strength. The S&P/Case Shiller national home price index says the recovery has clawed its way back to within 4% of its 2006 peak. A steep rise from the near 30% decline at the bottom in 2012.
After years of volatility, home prices have grown at around a rate of 5% since early 2015. That bodes well for sellers heading into the peak home-selling season of May and June but could pose a challenge for buyers, especially first-timers who may be priced out of the market as supply, particularly among starter homes, remains thin.
Bottom line? The housing market is gaining strength and all indicators point to an even stronger real estate market moving forward. For more information about the Santa Barbara real estate market contact
Mark Lomas and Kirsten Wolfe 805.845.2888
HomesOfSantaBarbara@gmail.com
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