Santa Barbara Real Estate

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Housing Recovery Picks Up Steam

June 3rd, 2016 · No Comments · Hope Ranch Real Estate, Montecito Real Estate, Santa Barbara Real Estate

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The Wall Street Journal reported this Wednesday (June 1,2016) that Home Prices are back to near record highs across the U.S. amid rising demand and supply constraints, a sign that the lopsided housing market recovery of the past five years is gaining strength.  The S&P/Case Shiller national home price index says the recovery has clawed it’s way back to within 4% of it’s 2006 peak. A steep rise from the near 30% decline at the bottom in 2012.

After years of volatility home prices have grown at around a rate of 5% since early 2015.  That bodes well for sellers heading into the peak home selling season of May and June but could pose a challenge for buyers, especially first timers who may be priced out of the market as supply, particularly among starter homes, remains thin.

Bottom line? The housing market is gaining strength and all indicators point to an even stronger real estate market moving forward. For more information about the Santa Barbara real estate market contact Mark Lomas and Kirsten Wolfe. TheRealEstateConcierge@gmail / 805.845.2888  The Real Estate Concierge

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