Moments ago, The S&P/Case-Shiller May home price index data was released. It shows national home prices are up by 12.2% compared to a year ago – the highest increase year over year in 7 years. Home prices in Coral Gables and Coconut Grove during the same reporting period have also increased but at a higher pace compared to the national average.
What does this mean if you are in the market for a home? It means reduced inventory is driving prices up but home values are still fair as compared to the boom. Don’t make a decision under pressure, though. Make certain you know what your budget and must haves are. These critical elements will help navigate the waters for you…along with a knowledgeable Realtor. This is also true if you are a homeowner considering selling your property. Don’t only think of the profit you may make but also consider your next dwelling.