Home Prices Continuing to Rise...

Home prices are continuing to rise. According to Lawrence Yun, chief economist for the National Association of Realtors, contract signings hit a 10-year high in April. The first quarter of 2016 makes the best first quarter of existing-sales since 2007.

Mortgage rates, which have remained below 4% in 16 of the past 17 months, help home sales. Yun reports that inflation remains at only about one percent, which also keeps the rates down. Yet rent growth and rising gas prices could edge up inflation and push rates higher. Yun expects higher mortgage rates by the end of this year.

The real estate market remains strong but is spotty. Some prices are staying on the market for a longer period of time as buyers evaluate their options. Well-priced homes sell faster. The presidential election cycle always seems to slow a market.

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