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Home Prices Up 6.15% Across the Country! [INFOGRAPHIC]

The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
In the report, home prices are compared both regionally and by state.
Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!
Alaska, Delaware, West Virginia & Wyoming were the only states where home prices are lower than they were last year.

Some Highlights:

The concept of Supply & Demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high!
Anything under a 6-month supply is a Seller’s Market!
There has not been a 6-months inventory supply since August 2012!
Buyer Demand continues to outpace Seller Supply!

The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.
Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.8% according to CoreLogic.
Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage!

For the 5th year in a row, the Northeast saw a concentration of “High Outbound” activity.
For the first time ever, South Dakota held the top spot for “High Inbound” states.
Much of America’s outbound activity can be attributed to Boomers relocating to warmer climates after retiring.

Sales of existing homes reached the highest pace in a decade at a seasonally adjusted annual rate of 5.69 million.
January marked the 59^th consecutive month of year-over-year price gains as the median home price rose 7.1% to $228,900.
NAR’s Chief Economist, Lawrence Yun had this to say, “Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home.”