Home Prices Fall for 6th Consecutive Month
I’ve already mentioned the continuously falling prices of homes in this space several times over the last few months, as well as the fact that there has never been a better time to buy a home in the United States than right now. The falling home prices, combined with record-low mortgage rates have created a sort of perfect storm for homebuyers looking to ease their way into owning property.
Well, the month of February (far behind us in the rearview mirror, but still fairly recent when analyzing real estate figures) has only continued this landslide that is U.S. home prices, as they have dropped for the sixth consecutive month. Despite many reports that say home prices are now primed to make a recovery in the near future, the February figures don’t really hint at that even though sales have begun to increase in many cities.
Among the cities where home prices had the steepest decline were Atlanta, Chicago and Cleveland and reports show that prices were down in a total of 16 out of the 20 states surveyed. The reason for the continuing decline of home prices in many cities can possibly be attributed to the increased sales of foreclosures, which are typically sold at severely discounted prices and can significantly skew the average home price in a given area.
Who knows how long home prices will continue to fall? The housing market is slowly beginning to rebound, and with it will come increased home prices, so if you’re thinking about buying a home, now is as good of a time as any to get up and get moving to take advantage of the low home prices.