Now just below 2006 peak
Home prices increased in April, hitting just 2.9% below their peak in June 2006, according to a recent report by Black Knight Financial Services.
The median home price in April rose to $260,000, an increase of 5.4% from last year, and 1% from last month.
In fact, the home prices are up 30.4% from the housing market’s bottom a few years ago.
As home prices increase, Americans are making sacrifices to ensure they are able to stay in their homes despite whatever may change in their lives. This is what they are sacrificing the most of in order to pay for their home.
Washington shows the highest price appreciation out of all the states for the third consecutive month at 1.9%. The Seattle and Walla Walla metro areas saw growth at 2%
In Arizona and Florida, prices rose almost 45% and 43% respectively, yet they are still 24% below their peaks.
Every state and metro area saw price increases in April; five of the 20 largest states and 14 of the 40 largest metros hit new peaks.
And they may not be slowing down anytime soon. Because of the U.K.’s recent, shocking decision to leave the European Union, some experts are predicting that the Fed will once again lower interest rates, therefore further increasing the demand for housing, and pushing prices up still further.
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(Source: Black Knight)