Based on a number of housing reports, home prices have risen the most they have in seven years.
Both new and existing home prices are on the rise in most areas of the country. In the month of May alone, there was a 2.1% jump from April’s statistics, setting sail to a steadily improving U.S. housing market.
Most economists say this rise in home prices is due to the improving job market, short supply of available homes, and record low interest rates.
But even with this increased growth, we are still far away from the highs experienced in the market before the crash. There is still a lot of room for growth over the next couple years if trends continue.