Louis Basenese pointed out in February that, although home prices are increasing, we’re not even close to a top.
Sure enough, the median sales price for a new home is $246,800 – up 2.9% from a year ago.
However, as Louis points out, even if prices increase another 6% to 7% this year, we’ll still be comfortably below 2006 levels.
Meaning we’ll have plenty of room to run.
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Indeed, as Robert Shiller, Yale University Economics Professor, says, “We’re seeing more evidence of a rebirth of the housing market. One thing I’ve learned over years from looking at housing markets, they’re very different from the stock market. They have momentum. And when they start going up, they generally keep going up for a year or even more.”