If you’re a first-time homebuyer or have recently begun searching for a new Columbus, Ohio home, you might be worried about rising mortgage rates and housing prices. But don’t write off the current real estate market just yet— the latest FNC Residential Price Index recently found that home prices might actually be rising less than you think.
According to the study, “home prices in the 100 largest U.S. metro areas rose 4% in the year ending May 2013, a slowing of the rate from 4.9% reported from March 2012 to March 2013.”
The study found that the rate at which home prices are rising is actually modest, averaging 0.4% per month in the last six months. “Similarly, the rate of annual price appreciation appears to be much slower and sustainable than reported by a number of other closely watched price indices,” the FNC reported.
As real estate markets are hyperlocal, the rates at which housing prices increase does differ from place to place. The FNC took a look at year-to-date trends by city which differ from the year-to-year trends. Out of the cities included in the FNC Residential Price Index, not to be compared to the widely watched Case-Shiller Index, Columbus, Ohio (along with Chicago, Washington, DC, and Houston) were cited as locations where housing prices stayed the same or decreased during the first five months of the year— Columbus at a 0.6% decrease in home sale prices.
Feeling better about your choice to purchase a Columbus, Ohio home? Let Buyer’s Resource Realty Services help you search the available homes on the local real estate market and achieve your homebuyer goals!
Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
www.BuyersHome.com
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