Forward is where the housing recovery appears to be going, though some advances are bigger than others. According to a leading data aggregate, home prices rose in April for the second month in a row, UP 2.2% over March and UP 1.1% versus a year ago. Taking out distressed sales, prices were UP 2.6% for the month and UP 1.9% year over year. These price gains are at a rate not seen since late 2006 and better than 2010 when sales jumped thanks to the federal tax credit.
In April, among the 100 largest metros, only 44 saw price drops year over year, 10 fewer than in March. Even better, 6 of the 10 biggest metros reported home price increases. Analysts noted that home prices are responding to a restricted supply that they think will exist for some time to come. The supply of homes in current inventory is down to 6.5 months, a level we haven’t seen in more than five years!
This is a great time to buy a house, unfortunately, many Americans still don’t qualify for a mortgage due to stringent lending practices and poor credit scores. If you have been denied for a mortgage or wish to increase your credit score to get the best interest rate possible, Sign Up to improve your credit today.