I was talking to a friend the other day about how rapidly sales in our local real estate market are happening. We have been in a seller’s market for the past four months and the indicators show that we may stay there for awhile.
There were record quarterly gains across the country with prices improving month-over-month in all 20 cities tracked by the Case-Shiller Index reported by Standard and Poor. Home prices rose 6.9 percent in the second quarter, the strongest quarter-over-quarter gain since the quarterly index began in 1987. Standard and Poor also reported in that in June, the monthly 10- and 20-city indexes rose 2.2 percent and 2.3 percent, respectively.
Many people believe there is a macro trend happening in our real estate market. Since construction of new homes has been down across the country and the demand for housing still strong, prices must rise over time. This trend is something that we will all share in as home owners, as demand increases.
Broker and Past President of the Santa Barbara Association of Realtors and Multiple Listing Service