Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Home prices on the rise, but will it last?

According to a report by real estate website Zillow, home prices in the U.S. through the first half of this year increased by the largest amount since the housing boom seven years ago. The news seems to bode well for residential real estate, but some experts are questioning whether the upward trend is sustainable.

Since June of last year, national home values rose approximately 5.8 percent, which marks the highest increase since 2006. Through June of 2013, home prices are up about 2.7 percent, which is the best yearly gain since 2005. According to the Case-Shiller index, prices of residential real estate in the U.S. are approximately 24.4 percent lower than their peak in 2006. In March of last year, prices had declined about 35.1 percent since 2006.

Some experts have been surprised by the speed at which home values across the country have gone up. Low mortgage rates, as well as demand from investors, have definitely contributed to increasing real estate values.

The biggest question right now is whether the increase in housing prices is likely to be sustained as mortgage rates increase. Since May of this year, mortgage rates have already risen approximately a full percentage point, which could slow down sales in larger, more expensive markets.

As prices continue to rise, experts believe that available housing inventory is likely to increase, as potential sellers begin testing the market.

Only time will tell whether the current resurgence of residential real estate prices will continue, but, for now, many experts are remaining optimistic. 

Source: Wall Street Journal, “Home Prices Jump, but Headwinds Build,” Nick Timiraos, July 30, 2013

Tell Us About Your Transaction

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions