According to the Chicago Sun-Times, US home prices in April jumped by the most significant margin in seven years, indicating that the recovery of the housing market is no longer the white whale of the economy. According to the article home prices in Illinois rose 1.8% from April 2012 to April 2013, and in the Chicago area specifically, they rose 2.8%. The article attributes this rise in home prices to low inventory and more buyers, a trend we’ve been seeing over the past several months.
Low mortgage rates have also contributed to the increase in home prices, as more buyers have taken advantage of the low 3.3% rates. However, as this CNN article details, mortgage rates recently rose to 3.91% and are expected to climb even higher, so if you’ve been thinking about buying but are on the fence, now is definitely the right time to take advantage of still-low rates.
If you’re in the market, we’ve got some great listings we’d love to show you! Contact us today!