The insider Real Estate Inman News reports that national home prices hit another all-time high during March, according to the S&P CoreLogic Case-Schiller Indices. The National Home Price NSA Index jumped 6.5 percent in March from a year earlier to a record high — the sixth time the index has reached a record high in the past year, fueled by the scarcity of housing inventory.
On a monthly basis, national home prices increased 1.3 percent between February and March, while composites of the 20 and 10 largest cities in the nation both rose 1.6 percent month over month, according to the S&P, which was updated on Tuesday.
“This month’s report boasts another all-time high,” said Brian Luke, head of commodities, real and digital assets, at S&P Dow Jones Indices. “We’ve witnessed records repeatedly break in both stock and housing markets over the past year.”
What does this mean for Sellers and Buyers?
In the coming summer months, as mortgage interest rates continue to remain higher for longer, many prospective home buyers may be on the sidelines, in part due to rates and increasing insurance, HOA fees and property taxes. These increases are beginning to impact our Santa Fe market specifically for buyers in need of financing. At the same time, our Santa Fe home inventory (home, condo, townhomes) is increasing along with average days of market. Prior to the pandemic drop inventory, our inventory in 2019 was still higher than today.
Bottom Line:
In a few days, our local Santa Fe Association of Realtor stats will be available for the 2nd Quarter of 2024 which will give me a better idea of our local market trends. So stay tuned here. If you are a future Seller, you might want to take a look at my last blog about whether you should wait to sell. If you are a prospective buyer, it will depend if you a first time home buyer or if circumstances such as retirement, downsizing and relocation make Santa Fe your destination. In each case, your resources and budget will be the most determining factor. For both Sellers and Buyers it is important to reach out for a consultation to learn more specific information and strategies focused on your situation and real estate needs. There is no obligation for a consult and you may be surprised about some of the options I see moving forward. Simply call or text my cell for a brief consult. Let’s chat soon.Thank you for reading. Emily Medvec