According to CoreLogic's Home Price Index, the 11% increase in December home prices represented the 22nd consecutive monthly year over year increase. Freezing temperatures did little to cool the housing market in January. The Pending House Price Index forecasts home prices to have risen 10.2% higher than the year before.
A slow down in momentum is not necessarily a halt to brisk housing sales.
Last year, home prices rose 11%, the highest rate of annual increase since 2005. Ten states and the District of Columbia reached new all time price peaks, according to Dr. Mark Fleming, chief economist for CoreLogic. Dr. Fleming also went on to say that we expect the rising prices to attract more sellers, unlocking the pent-up supply, which will have a moderating effect on prices in 2014.
Sales did slow in the 4th quarter from the third quarter. With the break in the weather, the spring market should get under way.
If you are thinking about selling, a lack of inventory could be a good time. Be sure that you are aware of the current value of your property. An appraisal of your property would let you know the current value.