Are Home Prices Going Up?

There is little doubt that house prices have appreciated over the last twelve months in most regions of the country. However, with both the inventory of homes for sale and interest rates increasing, we have to be careful to not over judge what the market can bear.

Trulia just reported that asking prices have jumped dramatically and the increase is accelerating:

• Year-Over-Year prices      jumped 10.7%
• Quarter-Over-Quarter      prices jumped 4.1% (16.4% annualized)
• Month-Over-Month prices      jumped 1.5% (18% annualized)

These types of increases in other parts of California have sellers in Mammoth Lakes thinking they can ask more for their property.  While prices do seem to be slowing increasing here, it is not the time to get carried away with current headlines about home price increases elsewhere in the state.  What matters most is what is happening here in Mammoth Lakes today.

Let’s look at a snap shot today versus this same time last year.

Of course, these numbers fluctuate daily.  However, one constant is both the median days on market and inventory levels are decreasing.    In terms of prices, they were relatively flat in 2012 and in 2013 they appear to be trending up.  What does this mean to you?    Anyone interested in buying should increase their search and identify a property before prices go higher.    This may be challenging with the limited inventory.  Sellers can expect to get more than they would have last year.    Of course, there is no crystal ball.  My advice, if you find something you love now is the time to make that offer.

Sonja Bush is a licensed California real estate broker.  As a Broker Associate with Mammoth Village Properties located at The Village in Mammoth, Sonja works with buyers and sellers in the Eastern Sierra.  Sonja can be reached at [email protected] or www.sonjabush.com.